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Cumulative updates are a new method of providing hotfix releases on a scheduled delivery basis for Office Server products, including Office Project Server 2007. Through this model, Office hotfixes are released every two months in the form of a downloadable package of current and previous hotfixes.
The primary goal is to deliver high-quality fixes on a predictable schedule. The updated releases are accompanied by a Knowledge Base article describing the contents of the update. The first Project Server cumulative update was released in August, 2008.
Read more details on Cumulative update from Microsoft Technet.
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