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How to approach a project given to new PM during execution with vague requirements?

One of our PMs just got a new project that was on the execution phase with vague requirements. Because of these vague requirements, the Client have requested many changes, and the product development team have miss-interpret some of them as well.

Here are some of the facts:

  • Project in execution phase
  • requirement document is vague
  • changes are limiting the progress
  • Timeline cannot be changed, which means some requirements will not be met.

What is the standard real-life approach to get through this sour patch?