With burgeoning global markets and increasing customer demand, it is imperative for companies to respond quickly and cost effectively to be present and to take the lead among the competitors. Overall, this requires a changeable structure of the organization to cater to a wide product variety. It can be attained through adoption of the concept of reconfigurable manufacturing system (RMS) that comprises of reconfigurable machines, controllers and software support systems. In this paper, we propose a new approach to generate the dynamic process plan for reconfigurable manufacturing system. Initially, the requirements of the parts/products are assessed which are then compared with the functionality offered by machines comprising manufacturing system. If the production is feasible an optimal process plan is generated, otherwise the system shows an error message showing lack of functionality. Using an adapted NSGA-2 algorithm, a multi-objective scenario is considered with the aim of reducing the manufacturing cost and time. With the help of a numerical example, the efficacy of the proposed approach is demonstrated.