Important projects in the portfolio backiog need to be delivered Budget estimates are needed to prioritize the projects: How should the project budgets be estimated? The product owner obtains all project details and, based on the team's experience and velocity, provides a budget estimate. The team facilitator uses historical data and arrives at an estimate based on the nature of the project Budget estimates are provided based on the experience of the sponsor, product owner, and team facilitator: The project is decomposed into features, and based on the feature value and the velocity of the team, the team provides the estmate