You are managing a software development project and discover that a key team member has been reassigned to another high-priority project, leaving your project understaffed. What is the best approach to address this issue?
Delay the project until a replacement can be found
Proceed with the project as planned using the budget contingency to pay for extra hours
Escalate the issue to senior management and request a replacement team member
Assess the impact of the resource loss and adjust the project plan accordingly