Which practice area under PMW is responsible for creating a budget and obtaining stakeholder commitments?

The correct choice is Planning because this practice area specifically focuses on establishing budgets and securing stakeholder commitments as part of the project management process. In the context of project management, planning involves defining the scope, determining resources, and creating a comprehensive budget that aligns with stakeholder expectations and project objectives.

During the planning phase, project managers assess the financial resources needed to complete the project successfully. They develop a financial plan that includes the overall budget, cost estimates, and timelines, which help in obtaining the necessary commitments from stakeholders. This ensures that all parties involved are aware of their responsibilities and the resources required for the project's success.

The other practice areas, while important in the overall project management framework, do not primarily focus on the creation of the budget and obtaining stakeholder commitments. Monitoring and Control is centered around tracking project progress and performance, Continuity deals with maintaining operations and business processes, and Risk and Opportunity Management focuses on identifying and mitigating potential risks and leveraging opportunities throughout the project's lifecycle. Therefore, Planning is distinctly responsible for the aspects of budgeting and stakeholder engagement, making it the correct answer.