As the project manager, you are currently overseeing the performance of several contracts as part of a project's procurement processes. Discovery of significant variances in a contractor's work performance against the contract has prompted a need for action. In line with the 'Control Procurements' process, what should be your IMMEDIATE next step to address these discrepancies efficiently?
Continue monitoring the contractor's performance to determine if the discrepancies self-correct over time
Terminate the contract based on the performance discrepancies
Request additional funds to cover the performance variance
Review and analyze procurement documentation and performance reports to determine the extent of the variances and their impact on the project