A bank is replacing its core system and will launch it in stages after each deliverable is approved by key stakeholders. What should the project manager do first?

The correct answer is to agree on quality standards with key stakeholders. Before any work begins on a project, especially one with staged deliverables and stakeholder approvals, it is crucial to establish and agree upon the quality standards that all deliverables must meet. This ensures that everyone has a shared understanding of what constitutes an acceptable outcome, preventing rework and disagreements later. Engaging experienced stakeholders (option A) is important, but defining what "quality" means for them comes first. Reviewing a test and inspection plan (option B) or developing a requirements traceability matrix (option D) are subsequent steps that rely on established quality standards.