Project planning involves determining the steps, resources, costs, and risks needed to complete a project on time. It consists of determining the planning approach, identifying team roles and responsibilities, scheduling activities in logical sequence, estimating resource and time requirements, developing budgets and schedules, and planning for risks. Project planning is important as it improves communication with clients, increases transparency of the work, and keeps the project more organized. Project monitoring then tracks project activities and provides feedback to make corrective actions in order to successfully implement the project plan.