Time spent properly planning is seldom wasted, but huge amounts of project time can be wasted from inadequate plans that aren’t thought through. Take the rights steps at the project initiation stage to ensure your PRINCE2 project turns out right.
Key: Balance the amount of planning against the need for control.
Decision at the end: Do we really want to commit to run this project?
Decide on the appropriate level of quality
Produce Product and Activity plans for the project
Product Product and Activity plans for the first stage after initiation
Perform a full risk analysis
Produce a full Business Case
Put simple controls and reporting procedures in place
Assemble the Project Initiation Document (PID)
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Source:http://www.dummies.com/how-to/content/project-planning-with-prince2.html
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