A newly relevant project stakeholder proposes a change to project parameters during execution. What should the project manager do next?

The correct approach is to evaluate the proposed change through the established integrated change control process and discuss it with the project sponsor. This ensures all impacts (scope, schedule, cost, quality, resources, risks) are assessed, and the sponsor, as a key decision-maker, is informed and involved in determining the best course of action. Rejecting the change outright without evaluation is premature and ignores potential benefits. Forwarding it directly to the steering committee bypasses the project manager's responsibility for initial assessment and may overload the committee. Accepting the change immediately and using contingency funds without proper evaluation and approval is a violation of change control procedures and could lead to uncontrolled scope creep or financial issues.