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In the ideal case, both would be preferable, but if one had to be chosen, I would say that having a good team is more important. Real life projects rarely play out to plan, and flexibility is often the key to achieving the required goals and milestones, especially in today's globalized, dynamic and highly competitive environment.
Having good plan for each project is important in succesfully achieving project goals, but more importantly you should have good performing team. Ultimately it is the team who contributes to the success of project by completing the tasks, solve problems and face technical challenges. People (team) first policies/procesesses/plans next..