A new regulation will affect deliverables in phase four. The project uses an iterative approach and is completing phase two. What should the project manager do next?

The correct answer is to meet with subject matter experts (SMEs) to assess the impact on objectives. A new regulation affecting deliverables in a future phase requires a thorough understanding of its implications. SMEs possess the technical knowledge to analyze how the regulation will influence project objectives, scope, schedule, and cost. This assessment is a crucial first step in understanding the problem before determining solutions or communicating impacts. Discussing a cost increase or obtaining additional budget approval is premature without a clear understanding of the regulation's impact. Requesting an exception is also premature and may not be feasible or desirable without a full impact analysis.