Your ongoing project developing software for online banking is impacted by newly implemented financial regulatory requirements. As the project manager, how should you initially evaluate the necessary actions for scope adjustment?
Assess and prioritize the impact on project scope to determine necessary adjustments
Conduct an audit on the project's technological capabilities
Increase the project budget to accommodate any potential change
Inform all stakeholders about the regulatory changes
Under Task 3 of the Business Environment domain, the first activity when external changes such as new regulations arise is to assess and prioritize their impact on the project scope or backlog. Performing this evaluation enables the team to focus resources on the most critical adjustments and maintain compliance. Jumping straight to budget increases, stakeholder communication, or technical audits without first understanding the scope implications risks misalignment, wasted effort, or continued non-compliance.
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