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?
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.
Include details of the budget overages in the regular project status updates to maintain transparency.