A company announced a launch date for a new innovative product. After the first sprint planning, the team realizes they cannot deliver all features by the launch date. What should the project manager do to ensure success?

The correct approach is to assist the team in defining a Minimum Viable Product (MVP) by the launch date. In agile environments, when faced with a fixed deadline and an overly ambitious scope, the most effective strategy is to prioritize and deliver the core functionality that provides essential value. This allows the product to launch on time, gather user feedback, and iterate on future releases. Asking the customer to reduce the backlog might be necessary, but defining an MVP is a more proactive and collaborative step that focuses on delivering value. Increasing team capacity late in the game is often impractical, costly, and doesn't guarantee quality or adherence to the fixed deadline. Scheduling a contingency plan review is reactive; a proactive solution like MVP definition is preferred to meet the primary objective.