The process of managing changes to business requirements involves several key steps. Firstly, it begins with setting and documenting the current requirements as a baseline. Next, the consequences of proposed changes are clarified, and a change control procedure is specified to evaluate, approve, and incorporate changes systematically. Creating a dynamic project schedule that accommodates potential changes is essential. Lastly, effective communication with the project team ensures everyone is informed and aligned with evolving requirements throughout the project's lifecycle.