The PMBOK Guide defines 5 project management processes, however some like to extend them by breaking up one process into two or more. Some project management methodologies (mostly "home grown") and Agile development incorporate a discovery phase. The discovery phase may take place as part of initiation or planning. The purpose is to discover information that might be important to the project. The project manager and/or business analyst conduct interviews with the project sponsor and other stakeholders Analysis such as Cost Benefit or Total Cost of Ownership may be conducted. High level designs, prototypes and models may also be developed.
Of course we know that good project managers include these types of activities within the planning and/or execution phase of a project anyway. If you are going to capture project records, this type of work and the time, resources, and budget needs to be counted.