When faced with the competitor's announcement, the project manager should take the following actions:
1.Reduce Scope Items: Given the competitor's shorter timeline and fewer features, the project manager should reevaluate the project scope. Reducing the scope items of the final deliverable allows the project team to focus on essential features and deliver a more streamlined product within the available time frame.
2.Discuss External Risk with Project Sponsor: The project manager should engage

When a change request is received, it is essential for the project manager to conduct an impact analysis to understand how the proposed change will affect the project's scope, schedule, cost, and quality. This analysis is a critical step before moving forward with any decisions regarding the change request. It allows the project manager to make an informed decision and to discuss the change with all relevant stakeholders, including the functional manager who submitted the request.
: The process for managing change requests is outlined in the PMBOKGuide, which includes the steps of identifying, analyzing, and documenting the change request before presenting it to the Change Control Board (CCB) for approval1. The Professional in Business Analysis Reference Materials also emphasize the importance of impact analysis as part of the change management process234.