The paper focuses on various important decisions of verification and testing plans of the product during its design and production stages. In most of the product and process development projects, decisions on verification and testing are ad-hoc or based on traditions. Such decisions never guarantee the performance of the product as planned, during its whole life cycle. We propose an analytical approach to provide the concrete base for such crucial decisions of verification planning. Accordingly, a mathematical model is presented. Also, a case study of an automotive Electro-mechanical product is included to illustrate the application of the model.