According to the PMBOK Guide, one of the key principles of agile project management is to deliver value to the customer early and often1. This can be achieved by using an iterative and incremental approach, where the project team delivers working increments of the product at the end of each iteration or sprint2. The project team should also demonstrate the built portion of the product to the stakeholders and obtain their feedback and acceptance3. Therefore, the best option is to include demonstrations of the built portion of the product at the end of every sprint. Option A is incorrect because preparing performance value reports for the business on an ongoing basis may not be the most effective way to illustrate the project business value, as it may not reflect the actual functionality and usability of the product. Option C is incorrect because preparing a project report for the stakeholders and distributing it weekly may not be sufficient or timely to show the progress and value of the product, as it may not include the stakeholder input and validation. Option D is incorrect because confirming the minimum viable product (MVP) and demonstrating it to the business when it is ready may not be consistent with the agile principle of delivering value early and often, as it may delay the stakeholder feedback and satisfaction. References: 1: PMBOK Guide, 6th edition, section 1.2.3, p. 8 2: PMBOK Guide, 6th edition, section 6.2.2.1, p. 177 3: PMBOK Guide, 6th edition, section 6.2.2.4, p. 178

The project management team should review the project plan to evaluate if any updates should be made in response to the news that a competitor has released the latest version of a program. The project plan is a document that describes how the project will be executed, monitored, and controlled. It includes the project scope, schedule, cost, quality, resources, communications, risks, procurements, and stakeholder management plans. The project management team should assess the impact of the competitor’s release on the project’s objectives, deliverables, assumptions, constraints, and risks. The project management team should also consult with the project sponsor, customer, and other key stakeholders to determine their expectations and preferences regarding the project’s scope and quality. The project management team should then decide if any changes or updates are needed to the project plan to ensure the project’s success and value. The project management team should follow the change management process to request, analyze, approve, and implement any changes to the project plan.

The other options are not the best actions for the project management team to take in this situation. Crashing the existing schedule with additional resources to deliver more features may not be feasible or effective, as it may increase the project’s cost, complexity, and risk. It may also not address the customer’s needs or the market’s demand, as the features may not be relevant or valuable. The project management team should not rush to add more features without validating their necessity and feasibility. Stopping the project immediately as the market opportunity has already been missed may be premature and wasteful, as it may disregard the project’s benefits and potential. It may also damage the project’s reputation and stakeholder’s trust. The project management team should not abandon the project without evaluating its viability and value. Continuing with the project plan and target delivery date as expected may be unrealistic and risky, as it may ignore the competitor’s influence and the customer’s feedback. It may also result in delivering a product that is outdated or inferior. The project management team should not proceed with the project plan without reviewing its alignment and suitability. References:

PMBOK® Guide, 6th Edition, Chapter 4, Section 4.2, “Develop Project Management Plan”

PMBOK® Guide, 6th Edition, Chapter 4, Section 4.6, “Perform Integrated Change Control”

PMP Project Management Professional Exam Study Guide: 2021 Exam Update, 10th Edition, Chapter 4, Section 4.2, “Developing the Project Management Plan” 1