Do you plan before you act?

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There is one common situations in the life of all of us. At times, we are asked to complete given assignments in a definite time. Most of us one of the two ways to do it. One, we immediately start working on the assignment. Two, we plan our every move, determine and arrange needed resources, and also determine what stands in the way of completing the assignment and how are we going to handle these bottlenecks. Once this is done, we put the plan in action. In first case, we may or may not complete the assignment within given time. In second case, the possibility of successfully completing the assignment increases. Or in other words, we can say that possibility of a possible failure decreases. Which way would you prefer to go for completing the assignment?