You are managing a software development project and discover that a key team member has been reassigned to another high-priority project, leaving your project understaffed. What is the best approach to address this issue?
Assess the impact of the resource loss and adjust the project plan accordingly
Delay the project until a replacement can be found
Escalate the issue to senior management and request a replacement team member
Proceed with the project as planned using the budget contingency to pay for extra hours