As usual now, we will go for PMBOK 3 definition.
The Planning process is the process group of formalizing and confirming the project goals and objectives. It also creates the project management plan to achieve project objectives.
Planning process group literally visits & covers all areas of project management. It includes budgets,activity definition, scope planning, schedule development, risk identification, staff acquisition, procurement planning, and so on. Planning process group is the one group revisited during various phases of the project.
Objectives
1. Define and Record Requirements, Constraints, and Assumptions
2. Identify Project Team and Define Roles and Responsibilities
3. Create the Work Breakdown Structure (WBS)
4. Develop Change Management Plan
5. Identify Risks and Define Risk Strategies
6. Obtain Plan Approval
7. Conduct Kick-off Meeting
Knowledge Areas & Processes

Planning process group processes covers all nine knowledge Areas.

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