“A Program Increment (PI) is a timebox during which an Agile Release Train (ART) delivers incremental value in the form of working, tested software and SYSTEMS.” – ScaledAgileFramework.com

At the PI planning event, each day there is a set agenda which spans across 2.5 or 3 days, which is divided into Business Context, Product/Solution Vision, Architecture vision and DEVELOPMENT PRACTICES, Planning context and lunch and Team Breakouts. During this process, teams identify risks and dependencies and draft their initial team PI objectives. 

There is a Draft plan review session which is the tightly timeboxed draft plan review, teams PRESENT main planning yields, including draft objectives, potential risks, and dependencies. Business Owners, Product Management, and other teams and stakeholders review and provide input.

At the Final plan review and lunch session, all teams display their plans to the group. At the end of each team’s time slot, the team states their risks and impediments, but there is no attempt to resolve them in this short timebox.

And lastly, Confidence vote is taken, once program risks have been addressed, teams vote on their confidence in meeting their program PI objectives.

Teams leave the PI planning event with a prefilled iteration backlog. They take their team’s PI objectives, iteration plans, and risks back to their regular work area. Program risks remain with the RTE, who ensures that the people responsible for owning or mitigating a risk have captured the information and are actively managing the risk.

(As per ScaledAgileFramework.com)