According to the PMBOKGuide, the project manager is responsible for closing the project or phase, which includes verifying that all the project deliverables are completed and accepted, updating the project records and documents, releasing the project resources, and communicating the project closure to the stakeholders.
Performing administrative closure of the project ensures that the project is formally completed and closed, and that the project budget is finalized and closed as well. This will prevent any confusion or issues with the accounting manager or other parties in the future. Conveying task completion information to accounting may be part of the project closure process, but it is not sufficient to close the project budget. The project manager should also update the project status, financial records, and lessons learned. Closing the procurement process properly is necessary for projects that involve contracts or agreements with external vendors or suppliers, but it is not the only aspect of closing the project. The project manager should also close the internal aspects of the project, such as deliverables, resources, and stakeholder satisfaction. Completing the transition process is relevant for projects that produce products, services, or results that need to be transferred to the operations or maintenance teams, but it is not the only activity for closing the project. The project manager should also ensure that the project objectives are met, the project scope is verified, and the project performance is evaluated. References: PMBOKGuide, Sixth Edition, Chapter 4, Section 4.7 (Close Project or Phase) and Appendix X3, Table X3-1 (Project Closure Checklist)

The project manager should evaluate the impact the new regulations will have on the project and submit a change request, as this is part of performing integrated change control. Performing integrated change control involves reviewing all change requests, approving changes, and managing changes to the deliverables, organizational process assets, project documents, and the project management plan. By evaluating the impact of the new regulations, the project manager can determine how the project scope, schedule, cost, quality, and risks will be affected, and propose the necessary changes to align the project with the new standards. The other options are not the best ways to handle this situation, as they either ignore, delay, or bypass the change control process. References: (Professional in Business Analysis Reference Materials source and documents)
* PMBOK Guide, 6th edition, Chapter 4, Section 4.6
* PMP Exam Content Outline, June 2019, Domain II, Task 7
* PMP Sample Test Questions, Question 372

Explanation
According to the Agile Practice Guide, agile project management is an iterative approach to delivering a project throughout its life cycle. Agile projects embrace change and value customer feedback, but they also need to manage the impact of change on the project scope, schedule, cost, quality, and risk. One of the tools and techniques for managing change in agile projects is impact analysis, which involves assessing the effect of a change request on the project objectives and deliverables. The project manager should perform an impact analysis on the schedule and budget based on the additional scope requested by the executive steering committee, and communicate the results to the relevant stakeholders. This will help the project manager to determine the feasibility and desirability of the change, and to negotiate the best course of action with the executive steering committee and the project team. References:
Agile Practice Guide, Chapter 5: Implementing Agile: Creating an Agile Environment, pp. 77-97.
PMBOK Guide, Sixth Edition, Chapter 4: Project Integration Management, pp. 111-158.
PMP Exam Prep Coursebook, Chapter 4: Project Integration Management, pp. 4-1 - 4-24.

Section: Mix Questions
Explanation:
Lessons learned but not documented are "lessons lost." The lessons learned knowledge database will help current project members, as well as people on future projects, make better decisions. Accordingly, the reasons for the variance, the rationale supporting the corrective action, and other related information must be documented. They require updates as part of updates to organizational process assets as an output of control costs in terms of corrective actions taken and why they were selected.