At the end of Tranche 2, the programme office lead reported that the overall programme...

Comprehensive and Detailed 200 to 250 words of Explanation From Exact Extract of project-programme-and-portfolio-management of 5th Edition MSP:

The Justification Theme is the backbone of any MSP programme, ensuring that the investment of time, money, and effort is continually balanced against the expected benefits. This theme is most visible during the 'Evaluate new information' process at the end of a tranche, where the Business Case is formally reassessed.

Option B is the correct answer. When the programme office lead reports a budget overrun, it directly impacts the financial viability of the programme. The SRO’s recommendation to increase the budget to achieve the Target Operating Model (TOM) is a fundamental "Justification" activity. The SRO is arguing that the value of the benefits to be realized (the outcomes of the full TOM) still outweighs the increased cost of the investment. According to MSP 5th Edition, the justification must be maintained throughout the lifecycle; if the costs increase, the SRO must re-validate with the Sponsoring Group that the programme remains desirable and achievable. This application of the Justification theme ensures that the programme does not proceed blindly into a deficit but makes a conscious, governed decision to continue based on the remaining value. It protects the organization from "sunk cost fallacy" by forcing a transparent review of the investment's merit in light of the new financial data.