A large project needs new equipment and procurement notifies the project manager that delivery will be delayed. Concerned this will affect the schedule, what should the project manager do next?

The correct answer is to update the risk register and discuss the issue with project stakeholders. This follows a standard risk management process: identifying a new risk (delivery delay), documenting it in the risk register, and then engaging relevant stakeholders to understand its potential impact and collaboratively plan responses. Informing the sponsor is part of stakeholder communication but should occur after initial analysis and documentation. Validating information is a good first step, but updating only the risk management plan is insufficient; the specific risk needs to be documented. Sourcing second-hand equipment is a potential risk response, but it's premature to implement it without proper analysis and stakeholder discussion.