In this study we present a novel integration between product portfolio management evaluation criteria and product design decisions involving the design of chemical-based configured consumer products. We consider the variance contribution made by the product's quality characteristics to the product's economic performance that is measured via its net present value (NPV). The sensitivity-based time-constrained selection problem (STCSP) is modeled as a static deterministic problem, solved with the objective of mean cost minimization. The STCSP model utilizes a hybrid approach involving the application of Monte Carlo simulation, heuristics, and algorithmic processing to optimize the product design planning process. In this approach product design activities dependencies are modeled as linear inequality constraints. An industry-based case is used to illustrate the proposed approach.