Your project is in execution phase, and a key vendor informs you that they will be unable to deliver a critical component on time due to a supply chain disruption. This risk was identified in the risk register and a contingency plan was developed. The project timeline is tight, and any delay will impact the critical path. What should you do FIRST?
The contingency plan exists for this exact scenario; implementing it is the correct proactive step.
Why this answer
Option B is correct because the contingency plan already exists for this identified risk. The PM should implement it and communicate the situation to stakeholders. Option A is incorrect because simply alerting without taking action is insufficient.
Option C is incorrect because switching vendors without following the contingency plan may introduce new risks and costs. Option D is incorrect because re-baselining the schedule without approval is not appropriate; contingency plans are meant to be used.