What does the product baseline include?

The product baseline is an essential component of project management, particularly within the scope of program management. It represents the agreed-upon reference point for the product's characteristics, which includes specifications related to its design and functionality. Therefore, it comprises a detailed account of the processes, procedures, and materials that will be utilized during the fabrication of the product.

This baseline serves as a critical framework for ensuring that every aspect of the product aligns with the project's goals and objectives, and it is subjected to change control procedures. By establishing this comprehensive view of how the product will be developed, the team can monitor and control the manufacturing process effectively, ensuring adherence to quality standards and project requirements.

While other options share important aspects of project planning and financial management, they do not directly represent what is found in the product baseline itself. Financial estimates relate more to budgeting processes, technical specifications refer to the defining features of the product itself but aren't as comprehensive regarding process details, and project schedules primarily outline timelines rather than the specificities of fabrication. Thus, the inclusion of processes, procedures, and materials makes the correct answer clear in the context of defining the product baseline.