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.