Manpower planning is an attempt to match the supply of people with the jobs available for them. It can also be viewed as a process by which management determines how the organization should move from its current manpower structure to desired one. Since it depends on the non-predictive behavior of human beings and also on the uncertain environment, stochastic models of manpower planning have been proposed. These models incorporate several factors such as recruitment, training, promotion, demotion and wastage. These factors are interlinked and their analysis becomes essential while dealing with manpower planning. Manpower planning becomes highly essential due to the increasing costs related to recruitment, training, promotion, demotion, etc. Hence, proper planning is required to ensure that the goal is achieved at the minimum cost. On the whole, manpower planning management strives to have the right number of persons, the right of persons, at the right places and at the right time. In order to achieve the above said objectives different kind of mathematical models have been constructed.