During the project closure phase in the waterfall methodology, it is crucial to validate the deliverables to ensure that all project requirements have been met and the project outputs are complete and satisfactory.
Additionally, reconciling the project budget is performed to ensure all financial records are accurate and reflect the actual project costs, which is essential for the formal closing of the project.
References = CompTIA Project+ Certification Study Guide (PK0-005)

A velocity chart is a tool used in agile project management to track the progress and performance of a project team over time. It shows the number of features or user stories completed in each iteration or sprint. The planned timeline line represents the expected or ideal velocity, while the actual effort line shows the actual or achieved velocity. By comparing the two lines, the Scrum master can identify any gaps, trends, or issues in the project delivery.
Based on the image, the most likely update that the Scrum master can provide to the senior management team is D.
The project is trending ahead of schedule. This is because the actual effort line is above the planned timeline line for most of the time, indicating that the project team is completing more features than expected in each sprint. This means that the project is ahead of schedule and has a positive velocity variance.

A statement of work (SOW) is a formal document that defines the entire scope of work involved for a vendor
and clarifies deliverables, costs, and timeline1. It serves as a contractual agreement between a vendor and a
client, providing a comprehensive description of the work to be performed2. A reason to use a SOW on a
project is to ensure the team stays within the scope of the contract, as it outlines what the team will and won't
do on a project, saving from painful client negotiations and protecting the timeline and the bottom
line3. References = CompTIA Project+ PK0-005 Certification Study Guide, Chapter 3: Initiating Projects Part
1, page 63; What Is a Statement of Work? Definition & Examples, Introduction and What Is a Statement of
Work (SOW) In Project Management? sections; Statement Of Work Ultimate Guide: Simple Definition &
Template, Introduction and What is a Statement of Work? sections; What Is a Statement of Work (SOW)? -
Coursera, Introduction section.

A risk log or risk register is used to document potential risks to the project, including the loss of team members due to high stress. CompTIA Project+ recommends this log as a tool for identifying and managing risks throughout the project lifecycle.