I agree with you. All phases are important, and missing one phase could lead to project failure at one point. Project initiating may be the most important as other project management processes would rely on it, such as the planning process and executing process. Although things in any phase could be redesigned and fixed, it would cost the company a lot of money, time, and effort, which would affect the project budget as well. Planning with the right input in the initiating phase should lead to the attained output and meet the project mission and original statement. All points in this phase usually are stated clearly in the project proposal and studied by the team to get their approval. All details in this phase should be intensely researched and studied in order to avoid any later issues.