The project manager is reviewing the risk register and identifies a potential high-impact, high-probability risk: a key supplier could go out of business, delaying the project significantly. Which of the following actions would be MOST appropriate for the project manager to take FIRST?

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Escalate the risk to senior management for their input and potential mitigation strategies.

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Immediately contact the supplier to discuss their financial stability and potential risks.

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Conduct a thorough risk analysis to quantify the potential impact and probability of the risk.

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Communicate the risk to the project team and stakeholders, keeping them informed of the situation.

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Develop a contingency plan to source materials from an alternative supplier.

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The project manager is reviewing the risk register and identifies a potential hi...

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