During the execution phase of a construction project, the project manager observes that the scheduled completion date might slip due to an unexpected delay in regulatory approval for a building extension. What should the project manager do first to manage this newly identified risk?
Wait to see if the regulatory approval will indeed cause a delay before taking any action.
Update the risk register to include the new risk, its potential impacts, and propose risk response strategies.
Reschedule all work to a later date based on the assumption that the delay will occur.
Increase resources in other areas to compensate for the potential delay.