This process involves the creation of various plans and project planning.
This planning aims to help reduce the risk of the project failing in the future by having set the groundwork for what will happen during the project. Planning allows you to sort out the obvious problems in a project before they occur and outline what will be done to deal with them. This helps reduce the amount of 'fire-fighting' a project team has to deal with.
Project control is also another reason for effective planning. In order to monitor progress, you need something to measure it against, in this case a plan.
This process creates the Project Initiation Document (PID) which contains all of this information.