Inconsistent velocity is often a sign of underlying issues in how user stories are estimated or delivered. The Scrum Master should first engage the team to explore why velocity is fluctuating. Reviewing data from the past three sprints allows for identifying patterns or estimation inconsistencies. Velocity is owned by the team, not the product owner.

According to the Agile Practice Guide, the Scrum Master facilitates inspection and adaptation by enabling transparency and review.

Option A is dismissive and deflects the concern.

Option B and C involve the product owner in estimation, which is team-owned.

Option D correctly starts with team-led reflection and analysis.