The Smart Meter Programme is in Tranche 2 and the Customer Processes Project is delivering...

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

The Structure Theme in MSP 5th Edition defines how the programme is organized into tranches to manage the delivery of capability and the realization of benefits. While tranches provide a natural "step-by-step" progression, MSP 5th Edition is designed to be more flexible and agile than previous versions. It explicitly recognizes that tranches do not always have to be strictly sequential.

Option B is the correct answer. The guidance states that tranches can overlap if there is a clear business reason to do so—such as a change in priority or the early availability of resources—and if the risks of doing so are managed. Overlapping tranches allows the programme to "bring pace and value" (an MSP Principle) by initiating work as soon as it is feasible. While Option D raises a valid point about risk, MSP does not forbid overlapping; it simply requires that the risks be assessed. If the resources from the Customer Processes Project are now free, using them to start the Training Project early is a sensible management decision that accelerates the delivery of capability. The end-of-tranche review (Option C) still occurs for Tranche 2, but it does not prevent work from a future tranche from beginning if the SRO approves the deviation from the initial plan to maximize efficiency.