The project manager should escalate this initiative to project decision makers and sponsors, as they have the authority to approve changes in budget and scope. They can evaluate the potential benefits and associated with the new technology and make an informed decision on whether to proceed.
According to the PMBOKGuide1, an opportunity is a risk that would have a positive effect on one or more project objectives if it occurs. Opportunities are uncertain events or conditions that can enhance or facilitate the achievement of project goals, such as cost savings, schedule acceleration, quality improvement, or scope expansion. A project manager should take advantage of opportunities by implementing risk responses that seek to maximize their probability and/or positive impact. In this case, the project manager wants to introduce a new technology to improve the project's performance, which is an opportunity for the project. The project manager should take advantage of this opportunity by planning and executing appropriate risk responses, such as exploiting, enhancing, sharing, or accepting the opportunity. This is part of the Plan Risk Responses and Implement Risk Responses processes in the PMBOKGuide1. Reference: 1: A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition.

Explanation
Meeting with the traffic authority staff responsible for the new regulation allows the project manager and risk manager to understand the potential changes and their impact on the project. This will help them proactively address any potential issues and ensure the project complies with the new regulations.

The Project Evaluation and Review Technique (PERT) is a statistical tool used in project management to estimate the duration of tasks by considering uncertainty and variability. PERT employs a weighted average of three time estimates:
Optimistic (O): The shortest time in which the task can be completed (3 hours).
Most Likely (M): The best estimate of the time required under normal conditions (5 hours).
Pessimistic (P): The longest time the task might take, assuming potential issues (7 hours).
PMI Risk Management Study Guide References:
The PMI-RMP Exam Preparation Study Guide outlines the PERT formula and its application in estimating task durations, highlighting its effectiveness in incorporating uncertainty into project schedules.