During the execution of a project, you notice that the actual spending is consistently exceeding the budgeted amounts for several key activities. Your analysis indicates that the overages are due to unforeseen complexities that were not identified during the planning phase. What should you do to address these budget variations?
Develop and submit a change request to the project governance board for approval to adjust the project budget accordingly.
Inform all stakeholders about the budget overruns and continue monitoring the spending hoping that the project will eventually align with the planned budget.
Revise the budget unilaterally to reflect the new spending patterns and inform the project team of the updated financial plan.
Reduce costs in other project areas proactively without involving the governance process to compensate for the overages.