The Planning Phase is a crucial step in project management where objectives, scope, and resources are defined. During this phase, teams outline the tasks needed to achieve project goals, establish timelines, and allocate budgets. This ensures that everyone involved understands their roles and responsibilities. Additionally, the Planning Phase involves risk assessment and mitigation strategies. By identifying potential challenges early, teams can develop contingency plans to address them. Effective planning sets the foundation for successful project execution and helps ensure that the project stays on track and within budget.