During iteration planning, Team A identifies an important deliverable that depends on a deliverable from Team B. What should the project manager do?

The project manager should notify Team B of the dependency and confirm the deliverable is planned to ensure alignment and avoid potential delays. This proactive communication is crucial in agile environments to manage inter-team dependencies effectively. Asking Team B to focus solely on their backlog without acknowledging the dependency could lead to Team A being blocked. Merging teams is an extreme measure and generally unnecessary for managing a single dependency. Asking Team B to start immediately might disrupt their current sprint goals and priorities without proper coordination. The best approach is to communicate and collaborate to integrate the dependency into Team B's plan.