You are leading a city-wide infrastructure upgrade project when you identify a significant risk that a major supplier may fail to deliver key materials on time due to recent financial instability. According to best practices in 'Perform Qualitative Risk Analysis,' what should you do FIRST?
Ignore the rumors about the supplier's financial issues, unless they fail to deliver as agreed upon.
Switch to an alternative supplier to mitigate the risk of late delivery.
Report the potential delay to project stakeholders, citing the financial issues as a major risk to timelines and costs.
Utilize a probability and impact matrix to prioritize the risk based on its likelihood and potential impact on project objectives.