A project manager is managing a project to develop a new tool Because of the...

A project manager who is using an agile approach should be able to respond to changes and issues quickly and effectively. One of the principles of agile project management is to collaborate with stakeholders and customers frequently and openly. Therefore, when the project manager discovers that another company has patented a very similar tool, the best course of action is to schedule a meeting with the critical stakeholders, such as the product owner, the sponsor, the legal team, and the development team, to review the issue and decide on the next steps. This way, the project manager can communicate the impact of the issue, seek feedback and input from the stakeholders, and explore possible solutions or alternatives. The meeting should also result in clear action items and responsibilities for resolving the issue and mitigating the risk. References:

Agile Practice Guide, page 11

A Guide to the Project Management Body of Knowledge (PMBOK® Guide), page 47

Agile problems, challenges, & failures - Project Management Institute, page 4