What is developed by teams and rolled up to the ART level during PI Planning?

During PI Planning, teams collaboratively establish PI objectives that encapsulate the value they aim to deliver during the Program Increment. These objectives serve multiple purposes: they align the efforts of various teams towards common goals, help in prioritizing work, and provide a basis for measuring success at the end of the PI.

The PI objectives are designed to reflect the features and capabilities that the teams commit to delivering. By rolling these objectives up to the ART (Agile Release Train) level, they ensure transparency and alignment across teams, making it easier for stakeholders to understand the commitments made for the upcoming work cycle.

The other options, while related to the planning process, do not capture the essence of what is explicitly created during this stage. Feature goals and team backlogs may be developed as part of the underlying work, but it is the PI objectives that represent the teams' shared commitments for the increment as a whole. Capacity plans may also be discussed, but they are more about assessing the ability to deliver on the objectives rather than being a deliverable of the PI Planning itself.