When facing the potential departure of a key team member during the last iteration of a hybrid project, it is important for the project manager to engage directly with the individual to understand their concerns and reasons for wanting to leave. This aligns with the PMI's guidance on stakeholder engagement and team dynamics. By having a meeting with the team member, the project manager can explore the underlying issues and work on possible solutions or contingencies that may persuade the team member to stay or ensure a smooth transition if their departure is inevitable1.
References:
PMI's "A Guide to the Project Management Body of Knowledge (PMBOK Guide)" PMI's "Business Analysis for Practitioners: A Practice Guide" PMI's "The PMI Guide to Business Analysis"

The project manager should reinforce the value of documenting and approving all change requests and ask the customer to issue these through the agreed channels. This is because change requests are formal proposals to modify any aspect of the project and should follow the change management plan, which defines how changes will be monitored, controlled, and approved. The project manager should also communicate with the project team member and remind them of the change management process and their roles and responsibilities.
This will help prevent unauthorized changes that could impact the project scope, schedule, cost, quality, or risk. The project manager should also update the issue log and the lessons learned register to document the incident and the actions taken. References: (Professional in Business Analysis Reference Materials source and documents) PMBOK Guide, 6th edition, Section 4.6.1, "Perform Integrated Change Control: Inputs" PMBOK Guide, 6th edition, Section 4.6.3.1, "Perform Integrated Change Control: Outputs - Change Requests" PMBOK Guide, 6th edition, Section 4.6.3.2, "Perform Integrated Change Control: Outputs - Project Management Plan Updates" PMBOK Guide, 6th edition, Section 4.6.3.3, "Perform Integrated Change Control: Outputs - Project Documents Updates" PMI-PBA Guide, 1st edition, Section 6.3.1, "Trace Requirements: Inputs" PMI-PBA Guide, 1st edition, Section 6.3.2, "Trace Requirements: Tools and Techniques" PMI-PBA Guide, 1st edition, Section 6.3.3, "Trace Requirements: Outputs"

To manage business concerns and expectations effectively, the project manager should ensure that there is a clear release plan and roadmap for the project. This approach helps in setting realistic expectations by providing a visual representation of the project's trajectory, including key milestones, deliverables, and timelines. It also facilitates better communication with stakeholders by giving them a clear understanding of what the project aims to achieve and when. This proactive measure can help in aligning stakeholder expectations with the project's goals and capabilities, thereby mitigating concerns about whether the project will meet expectations45.
References:
PMBOK Guide - Seventh Edition, particularly sections related to stakeholder engagement and project communication management1.
Project Management Institute's resources on developing a project roadmap and managing stakeholder expectations23.
Professional in Business Analysis (PMI-PBA) resources on stakeholder engagement and expectation management678910.

When a project manager is faced with conflicting stakeholder requirements, it is essential to engage in negotiations to reach a common agreement. This involves understanding the underlying needs and expectations of the stakeholders and finding a solution that aligns with the project's objectives. The process should be collaborative, aiming to satisfy the business needs and ensuring that the project remains on track with its intended purpose. Effective conflict resolution techniques such as discussion, compromise, and expert opinion can be employed to facilitate this negotiation1234.
References:
"Stakeholder Requirements: Managing and Resolving Conflicting Needs" 1
"Techniques For Managing Conflicting Expectations" 2
"How to Manage Stakeholder Conflict - Project Risk Coach" 3
"Conflict Resolution Techniques for Business Analysts - Adaptive US" 4