A project manager has been given a critical, 5-day window and is allocated a maximum of US$100,000 as a contingency reserve. Subsequently, the project manager drafted a course of action based upon the best available information. Overall, five actions were required to be completed at a cost of US$20,000 and a duration of 1 day each. After 3 days of work, the project manager completed two actions and spent US$80,000.
What should the project manager do next?
- Complete all actions and then inform the client of the additional cost and schedule overrun needed to complete the project
- Stop the work and raise a project change request to the change control board (CCB) for additional funds and a project schedule extension
- As the CPI and SPI are greater than 1.0, reevaluate and prioritize the remaining actions
- As the cost performance index (CPI) and schedule performance index (SPI) are less than 1.0, reevaluate and prioritize the remaining actions
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