You're managing a software development project with a tight deadline. Halfway through the project, an external vendor informs you of a significant delay in delivering a critical software component due to unforeseen technical issues. This delay could affect your project's critical path. What should you do to address this situation?
Wait for the vendor to deliver the component, avoiding changes that might introduce new risks.
Proceed without taking action, expecting the vendor to resolve the issue soon.
Inform the stakeholders about the delay and request an extension of the project deadline.
Implement the contingency plan by using an alternative component to maintain the project schedule.
Implementing the contingency plan by utilizing an alternative component helps to mitigate the risk of delays and keeps the project on schedule. Contingency plans are developed in advance to address unexpected issues and ensure project objectives are met. Requesting an extension without exploring existing contingency options may not be acceptable to stakeholders and could impact project credibility. Waiting for the vendor to resolve the issue risks further delays, and ignoring the problem can lead to project failure.
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