Correct Answer: BIn the context of business continuity development, the stage where a formal committee is established to set a business continuity policy is best described as Project Initiation and Management. This initial step involves organizing resources, defining scope, and setting the groundwork for the entire business continuity planning process. It does not fall under Business Impact Analysis (BIA), which is concerned with assessing the effects of disruption on business operations, nor does it pertain to Risk Evaluation and Control or Developing and Implementing business continuity plans (BCP), which are subsequent stages in the process.