Just as the Planning phase and Initiation phase are linked, so too are the Planning and Execution phases. The old cliché “Plan the work, work the plan” becomes a truism and a way of life for a project manager. Without a plan, the project can be executed, but there is little chance of knowing how successful the project is at a given time unless there is a plan against which to measure it.
The Planning phase is the phase with the least risk attached. Only planning resources are being used at this point, and in fact the ways in which resources will be used are in question until the project plan is actually finalized. On the exam, you will likely see a question like:
Which phase of a project has the least risk? ...