A project manager is currently in the process of monitoring and controlling a large construction project. Unexpected weather conditions have caused significant delays, and work performance data indicates that the project will not meet its original timelines. Which of the following actions should the project manager take in accordance to the project management best practices for managing these kinds of situation?
Inform the stakeholders about the delay, continue with the original project management plan.
Reduce the project scope to meet the original deadline.
Do not take any action as the environmental conditions are beyond the control of the project team.
Update the project management plan to reflect the revised project schedule, incorporating the delays and proposing new timelines.