During a large construction project, the project manager identifies a significant risk that could jeopardize the project's timeline. This risk was not initially anticipated, and its emergence poses a potential delay that exceeds the contingency time allocated in the project schedule. What should the project manager do next according to best practices for escalation?
Schedule a meeting with the project team to discuss potential solutions.
Escalate the issue to higher management for strategic guidance and support.
Discuss the issue with peers in a different department for advice.
Wait to see if the situation worsens before taking any action.