I think that the planing phase is one of the most important phases of the lifecycle of the project. In the planning phase, the entire remaining lifecycle of the project is mapped out. It is important that during the planning phase that proper time is allocated for each activities, that enough time is built in the schedule for any unforeseen delays, and that as many risks and roadblocks that may come up are identified. If the planning phase is executed well, it sets the entire project up for success – the closer that the actual project goes compared to the initial plan there likely that that project will succeed. On the other hand the more a project veers off course from the project plan, the more likely that the project doesn’t do as well, and possibly gets canceled.