After gathering all requirements for a project that depends on external stakeholders, the team finishes the second iteration. The project manager then learns of a potential regulatory change that could prevent the product launch. What should the project manager do to ensure benefits are realized?

The correct answer is "Review target benefits." A potential regulatory change that could prevent product launch directly impacts the project's ability to deliver its intended value and achieve its benefits. The project manager must review the target benefits to understand the potential impact of this regulatory change on the project's viability and expected outcomes. This review will help determine if the benefits are still achievable, if adjustments are needed, or if the project's strategic alignment has shifted. "Add an entry in the risk log" is a good step, but it's reactive and doesn't address the core issue of potential benefits erosion. The risk log is for tracking, not for strategic re-evaluation of benefits. "Implement the changes" is premature; the nature and impact of the changes are not yet fully understood, and implementing them without a clear strategy could be detrimental. "Improve the team's velocity" focuses on execution efficiency, which is irrelevant to a potential external regulatory impact on product launch and benefits realization.