You are managing a construction project and have reached the halfway point. Upon reviewing the financial forecast, you realize that the cost of raw materials is likely to increase due to market volatility, which was not accounted for in the initial budget. To ensure the project does not exceed its budget by the end of the construction phase, what should be your immediate next step?
Review the resource calendar and re-estimate the cost of the raw materials taking into consideration the predicted market increase.
Inform the stakeholders about the possibility of project delay due to funding issues without conducting further analysis.
Reduce the project scope unilaterally to match the initial budget despite the rising cost of materials.
Proceed with the current budget plan until price changes occur and then request additional funds.