Question

Midway through a two-year initiative to build a proprietary customer analytics platform, a competitor releases a similar off-the-shelf product at a fraction of the projected internal build cost. The project sponsor asks the project manager whether the initiative still makes sense. What should the project manager do FIRST?

Accepted Answer

Reassess the project's business case and benefits against the changed external market conditions and present findings to the sponsor and governance body

Answer

Continue executing the current plan since the project is already halfway complete and significant investment has been made

Answer

Immediately recommend cancelling the project and pivoting to purchase the competitor's off-the-shelf product

Answer

Add new features to the backlog to differentiate the platform from the competitor's offering