The project team has raised a significant issue: several stakeholder requirements conflict. What should the project manager do?

Negotiating a shared agreement with affected stakeholders is the most effective approach because it directly addresses the conflict at its source. This involves facilitating discussions to understand each stakeholder's perspective, identify common ground, and find a mutually acceptable solution that satisfies the most critical needs while managing expectations. Escalating to the PMO is premature; the project manager should first attempt to resolve issues at their level. Allowing the team to decide is inappropriate as stakeholders own the requirements, not the team. Deferring resolution will only exacerbate the problem and likely lead to rework or project failure later.