How are the early Project Management processes planned and tracked?

How is all the pre-baseline effort scheduled, budgeted for and tracked?   During the early planning stages of a project when the PM is engaging stakeholders and project management team to collect requirements, create scope, create WBS, define activities etc., there is a lot of effort being expended in order to develop the baselines.  These baselines are then approved and used to monitor the project.  Does the earlier, pre-baseline, work get added retrospectively into the baseline?  What happens if requirements collection takes weeks and involves a large number of stakeholders?  This effort could end up being costly in terms of time and money before the baselines and/or Project Management plan are/is ready for approval.

Tracking is one of the crucial parts in there. It is certainly something they have to do. - Phillip Elden