Dear Supriya,
You have written that you are from manufacturing company, however, what is your finished product? How many processes are involved, till packing, in the production?
To conduct time and motion study, you need to hire external consultant. It is not that easy task. In bigger companies, exclusive department is conducted to study the various processes and standardise time taken for each process. However, I doubt whether it is possible to do that in your company.
Your second question is about can time and motion studies be used for manpower planning? The answer is both, yes and no. Answer much depends on the complexity of the operations involved in the production.
Earlier, I had given my reply on manpower planning. Click the following link to refer it:
https://www.citehr.com/487204-produc...ml#post2133369
https://www.citehr.com/457300-work-s...ml#post2046554
Thanks,
Dinesh Divekar