Which CMMI practice emphasizes the need to keep the budget and schedule updated based on estimates?

The practice that emphasizes the need to keep the budget and schedule updated based on estimates is Planning (PLAN). This practice focuses on establishing a clear and structured approach to defining project goals, identifying necessary resources, and predicting timelines effectively. In doing so, it aligns the project work with the overall strategy and objectives of the organization.

In the context of CMMI, effective planning requires continuous monitoring and updating of the budget and schedule as new estimates become available and as project execution progresses. This approach ensures that any changes in project scope or resource availability can be accounted for, leading to better project control and management. By maintaining an updated budget and schedule, organizations can make more informed decisions, reduce risks, and enhance the likelihood of successful project outcomes.

This practice is crucial for aligning project execution with organizational goals and resource availability, which is a fundamental aspect of successful project management.