At the last sprint review the product owner stated the product delivers no value, while the project manager believes it meets all specifications and the team is confused. Using a hybrid approach, what should the project manager do?

The correct answer is to review the project's benefits management plan with the product owner. This plan outlines how and when the project's benefits will be delivered and measured. The product owner's perception of "no value" indicates a disconnect with the project's intended benefits. Reviewing this plan together helps clarify expectations, re-align understanding of value, and identify if the current specifications truly support the desired benefits. Escalating to the executive board is premature; internal clarification is needed first. Reprioritizing the backlog to "fix issues" without understanding the root cause of the perceived lack of value is inefficient and may not address the core problem. Asking the product owner to terminate the project is an extreme measure that bypasses problem-solving and collaboration.