Earned value analysis shows cost spent is higher than value delivered. The team has been adding small features not in the requirements. What should the project manager do?

The correct action is to ask the team to focus on and deliver only the agreed-upon features. The earned value analysis indicates a cost overrun (cost spent is higher than value delivered), and the team is adding features not in the requirements. This is scope creep, which directly contributes to cost overruns and schedule delays. The project manager's role is to manage scope and ensure the project delivers what was agreed upon. Requesting additional budget is premature and rewards scope creep. Asking the product owner to add extra features to requirements legitimizes unauthorized work and expands scope without proper evaluation. Encouraging the team to continue is irresponsible, as it exacerbates the cost and schedule issues and deviates from the project's defined objectives.