A project manager receives conflicting requirements from two key stakeholders who both claim their needs are critical for project success. The requirements are mutually exclusive and both stakeholders have equal influence. What should the project manager do FIRST?

Facilitate a collaborative session with both stakeholders to understand the underlying business needs behind their requirements

Escalate the conflict to the project sponsor for a decision

Analyze the technical feasibility of both requirements and recommend the more feasible option

Implement both requirements in different phases of the project