Which of the following processes is associated with directing and managing project execution?

The process associated with directing and managing project execution is indeed "Direct and Manage Project Execution." This process is crucial because it involves overseeing the execution of project plans by coordinating people and resources, as well as integrating and performing the activities of the project according to the project management plan.

During this phase, project managers ensure that the project is progressing as intended, and they make adjustments as necessary to keep it on track toward its goals. This includes managing stakeholder expectations, communicating progress, and addressing any issues that arise during the execution phase.

In contrast, the other processes listed focus on different aspects of project management. "Perform Integrated Change Control" involves managing changes to the project plan, "Monitor and Control Project Work" deals with tracking, reviewing, and regulating the progress and performance of the project, and "Develop Project Management Plan" involves creating the overall project management framework and strategy before execution begins. Each of these processes is essential in its own right, but they do not specifically pertain to the direct management and execution of project activities as this process does.