Final answer:
VMware Site Recovery Manager (SRM) is the product designed to automate the creation, failover, and testing of disaster recovery plans, ensuring application availability across private cloud sites.
Step-by-step explanation:
The VMware product that automates setup, failover, and testing of disaster recovery plans is called VMware Site Recovery Manager (SRM). SRM works in conjunction with other VMware products to ensure business continuity by enabling application availability and mobility across sites in private cloud environments.
The tool's automation capabilities streamline the process of designing, testing, and executing recovery plans, which can significantly reduce the complexity and time required to manage recovery operations. It enables simplified management through integration with VMware vSphere and centralized recovery plan management.