The planning phase of project management is a crucial part of any successful business venture. It involves gathering information, analyzing the data and setting goals that will guide the project. During the planning phase, a project manager will identify the project’s objectives, determine the necessary resources to achieve those objectives, create a timeline and budget, and develop a risk management plan. Once the plan is formulated, the project manager will have a better understanding of the project’s scope, timeline and budget. The objectives, resources and timeline will help the project manager to identify and address any potential risks associated with the project. Once the plan is in place, the project manager can begin to assign tasks and set deadlines for each task. They will also need to monitor the project’s progress and make adjustments to the plan as needed.