✅ Correct Answer: Planning
Explanation:
The planning phase involves developing scope, objectives, budgets, schedules, and sourcing strategies. It sets the foundation for execution.
Why the other options are wrong:
❌ Initiation – focuses on feasibility and authorisation, not detailed scope and plans.
❌ Execution – is when project work is carried out, not when planning occurs.
❌ Closure – finalises deliverables, reports, and lessons learned.
🧠 Summary: Planning defines the how, when, and what of a project before execution.
📖 Source: CIPS L5M8 Study Guide – Project life cycle (pp. 22–28).