During the execution phase of a project, a new government regulation is announced that impacts the materials used in the project's product. What is the FIRST action a project manager should take to address the change in the project's external business environment?
Inform all stakeholders about the new regulation
Revise the project schedule and budget
Assess the impact of the new regulation on the project scope/backlog
Request additional funds to cover potential costs associated with the regulation
The project manager should assess the impact of the new regulation on the project scope/backlog to understand the implications and prioritize necessary changes. This step is crucial before recommending any scope or backlog changes, as it allows for informed decision-making and alignment with the project's objectives.
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