Which statement best describes what a project deliverable is?

A project deliverable is a tangible or intangible result that is produced as a consequence of project execution. It is crucial to understand that deliverables are the specific outcomes that must be achieved in order to satisfy the project's objectives and requirements. These deliverables help define what the project will accomplish and play a significant role in outlining the project scope. By focusing on the results that the project seeks to produce, stakeholders can measure the project’s success and ensure that it meets the defined goals.

In contrast, while budget reports can be important for tracking financial performance, they do not constitute a deliverable; they are more a part of the project management process. Activities completed during project execution refer to the tasks performed, but they do not represent the end results or outputs of the project. Meeting notes are documentation of discussions and decisions made but are also not classified as deliverables; they serve the purpose of communication and record-keeping rather than result generation. Therefore, the correct understanding of a project deliverable is framed best by the outcomes that contribute to fulfilling the project's scope and objectives.