Process or Relationships, which is more important?

Asking a project manager "which is more important, relationships or process?", is like asking a golfer "which is more important, speed or line?". The answer to both questions is "yes". In project management you cannot hope to deliver effectively on the project requirements if you are not making positive progress in your relationships with the stakeholders. 

Although, there are exceptions, most stakeholders are showing you limited trust simply by allowing you to walk in the door, from that point on, the better you manage expectations the more you will build upon that trust. The more trust you have with your stakeholders the quicker and smoother your project issues will pass.

Process makes projects repeatable, relationships make projects doable.