Your ongoing project developing software for online banking is impacted by newly implemented financial regulatory requirements. As a project manager, how should you initially evaluate the necessary actions for scope adjustment?
Conduct an audit on the project’s technological capabilities
Inform all stakeholders about the regulatory changes
Assess and prioritize the impact on project scope to determine necessary adjustments
Increase the project budget to accommodate any potential change
Under Task 3, a critical first step in addressing changes due to external factors is to assess and prioritize their impact on the project’s scope or backlog. By prioritizing the impact, the project manager can effectively determine which changes to address immediately and which can be deferred, helping to optimize resources and align the project with the new requirements efficiently. Choosing to ignore the changes, auditing unrelated factors, or randomly adjusting elements without assessment could lead to project failures or non-compliance.
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