Project Management Professional Practice Question

When faced with significant variances in a contractor's work performance, the immediate next step according to the 'Control Procurements' process is to review and analyze the procurement documentation and performance reports. This step is crucial because it helps determine the extent of the variances and their implications on the project's progress and objectives. It also includes comparing planned to actual performance, assessing performance trends, and determining whether these variances will affect future work. Based on this analysis, necessary adjustments or changes are identified, and the appropriate stakeholders are engaged to discuss potential resolutions, which might include contract modifications or even invoking penalty clauses, depending on the severity of the situation.