You are the project manager for a large infrastructure project. During your project’s execution, you notice that the actual costs are consistently exceeding the cost baseline. Before taking corrective actions, what should you do first to understand the nature and cause of the deviations?
Adjust the cost baseline to accommodate the increased costs.
Improve team performance to reduce labor costs.
Conduct a Variance Analysis to identify the cause of the cost deviations.
Request additional funds to cover the increased.