You are managing a project, and during the implementation phase, a key component supplied by a vendor fails to meet quality standards, threatening the project's timeline. As a project manager, which action should you take to effectively address this issue?
Develop a plan to resolve the issue by analyzing its cause, assessing its priority based on severity and impact, and implementing appropriate actions.
Document the issue and continue with the project as planned.
Replace the vendor to minimize project delays.
Escalate the issue to the project sponsor and request additional resources.
Developing a resolution plan involves analyzing the root cause of the issue, prioritizing it based on severity and impact, and implementing appropriate actions such as contingency plans or work-arounds. This approach ensures that the issue is thoroughly understood and addressed, minimizing its impact on the project. Simply replacing the vendor may not resolve underlying problems and could introduce new risks. Documenting the issue without taking corrective action does not mitigate the risk. Escalating to the project sponsor is appropriate only if the issue cannot be resolved at the project manager level.
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