A program manager for a financial services firm is leading a program to deploy a new digital banking platform. The program is aligned with a key strategic objective of increasing market share. A major competitor unexpectedly launches a similar platform with advanced AI-driven features, threatening the program's expected benefits. What is the program manager's most appropriate immediate action?
Re-evaluate the program's business case and benefits realization plan against the new market conditions.
Accelerate the current development schedule to launch the platform sooner.
Conduct a detailed risk analysis and update the program's risk register.
Request the steering committee to approve additional scope to include similar AI features.
The most appropriate immediate action is to re-evaluate the program's business case and benefits realization plan. A significant change in the competitive landscape directly threatens the assumptions upon which the program was approved and its ability to deliver strategic benefits. Accelerating the schedule or adding scope are tactical responses that should only be considered after a strategic reassessment. While conducting a risk analysis is an important activity, it is a component of the broader strategic re-evaluation of the business case, which is the most comprehensive and primary first step.
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PgMP
Strategic Program Alignment
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