A company is using a predictive approach for the development of a particular component as defined in the scope management plan. Due to regularly changing regulatory requirements, the development team has requested to utilize agile approaches. What should the project manager do about the development team's request?

Escalating for additional resources may not be necessary at this stage. The team's request focuses on a methodology change rather than a financial issue. Instead of escalating, the project manager should investigate how to adapt the current resources to fit the agile approach.

While seeking sponsor approval may be necessary later, the immediate step is to analyze the requirements of the agile approach first. The project manager should assess the feasibility and implications before escalating the request to the project sponsor for formal approval.

Forwarding the request to the PMO may not address the immediate concerns of the development team. The project manager should conduct a thorough analysis of the agile requirements to understand how they can be incorporated into the existing framework before involving the PMO.