Phased baselining is an approach that involves dividing the requirements into smaller subsets or increments that can be approved, developed, and delivered separately. Phased baselining can help to cope with the requirements' volatility, as it allows the business analyst and the stakeholders to accommodate changes and feedback in each increment, and to adjust the scope and priorities of the subsequent increments accordingly. Phased baselining can also reduce the risk and uncertainty of the project, as it enables early validation and verification of the solution, and provides more flexibility and adaptability to the changing business environment and regulations. References: PMI Professional in Business Analysis (PMI-PBA) Examination Content Outline1, page 24; Business Analysis for Practitioners: A Practice Guide2, page 133.