You are managing a complex project and have just completed a major milestone. Upon reviewing the project documentation, you notice that the scope baseline and the actual performance of project work have significant variances. What should be your next action as a project manager to bring the project back on track?
Conduct a variance analysis to understand the variance's cause and determine appropriate corrective or preventive actions.
Rebaseline the project scope.
Adjust the project's quality metrics to accommodate the variances.
Take no immediate action, but begin closely observing the next milestone's progress for additional variances.