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What are process assets?
A process encapsulates an organization's experience in form of successful "recipes." Process descriptions, however, usually contain the sequence of steps to be executed, identify who executes them, specify the entry and exit criteria for major steps, and so on. To facilitate the use of processes, guidelines, checklists, and templates often provide useful support. Together, these materials are called process assets. -- from book "Software Project Management in Practice" by Pankaj Jalote
The relationship can be depicted using following diagram:
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