Once the project scope statement has been approved, the project manager and the project team should decompose the project scope statement into the WBS.

Answer option A is incorrect. Before the activity list may be created, the WBS is needed. The activity list is based on the work packages identified in the WBS.

Answer option C is incorrect. Creating the risk assessment for the project is part of project planning, but it is not the most appropriate process to complete at this time.

Answer option D is incorrect. Determining the project budget is the process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline. Determining the project budget is a part of project cost management.