In the context of a large, multi-phase project, the project manager observes that actual expenditures are consistently exceeding the planned budget in the initial phases. What is the BEST course of action to take?
Include details of the budget overages in the regular project status updates to maintain transparency.
Re-forecast the project budget based on current spending trends and submit a change request for budget approval.
Pause the project temporarily to perform an in-depth analysis of the cost drivers.
Discuss the budget variations in the next project status meeting to decide on a course of action.