With Winrar you can create a multipart archive. 

1. Right Click on your File and select Add to archive.
2. you can enter the volume size in
   “Split to volumes” field in the “archive name and parameters dialog”
   in general tab to create volumes

Loot at the image:

Please note that by default it is entered in bytes but if you add a lowercase letter ‘k‘ at  the end of the volume size, the entered value will be considered as kilobytes (multiplied by 1024).

 You can use an uppercase ‘K‘ to denote thousand of bytes (multiply by 1000), ‘m‘ means megabytes and ‘M‘ - million of bytes.

You also can use ahother way: selecting the volume size from the list associated with  this item.  Note that if you are archiving to a removable disk, you may select “Autodetect” from the list and WinRAR will choose the volume size automatically for each new volume.

For multiple CD’s it is possible to enter for example “700m” for 700MB CD’s.