The project manager should meet with the subject matter experts (SMEs) to assess the impact of the new regulation on the project objectives, scope, schedule, cost, quality, and risk. The SMEs are the ones who have the knowledge and expertise to understand the implications of the new regulation and how it affects the project deliverables. The project manager should also involve the stakeholders, especially the project sponsor and the customer, in the assessment process to ensure their expectations and requirements are met. The project manager should then use the assessment results to determine the best course of action to address the change, such as modifying the project plan, requesting a change request, or escalating the issue to the appropriate authority. The project manager should follow the change management process as defined in the project management plan and the business analysis plan, and document the changes and their impacts in the project documents and the traceability matrix. The project manager should also communicate the changes and their impacts to the project team and the stakeholders, and obtain their buy-in and support.
The other options are not the best actions to take next, because they do not address the impact of the new regulation on the project objectives and deliverables. Consulting with the project sponsor to discuss a cost increase (option A) may be premature, as the cost impact may not be known until the assessment is done. Acquiring approval for an exception to the implementation of the new regulation (option B) may not be feasible or desirable, as it may compromise the compliance and quality of the project deliverables. Getting approval for the additional budget from the steering committee (option C) may also be premature, as the budget impact may not be known until the assessment is done. Moreover, the budget approval may not be sufficient to address the other impacts of the new regulation, such as scope, schedule, quality, and risk. References:
The PMI Guide to Business Analysis Includes The Standard for Business Analysis, Chapter 5: Solution Evaluation, Section 5.3.3: Assess Solution Limitations
Business Analysis for Practitioners: A Practice Guide, Chapter 7: Solution Evaluation, Section 7.3.3: Assess Solution Limitations
Business Analysis Techniques: 72 Essential Tools For Success, Chapter 5: Strategy Analysis, Section 5.13: Impact Analysis
Seven Steps to Mastering Business Analysis, Chapter 9: Solution Assessment and Validation
