A newly assigned project manager inherits a project with a very short schedule. During an iteration review, a key stakeholder reports inefficiencies in their work processes. What should the project manager do?

The project manager should ask the team to evaluate their processes because the team members are the closest to the work and best understand the inefficiencies and potential solutions. This aligns with agile principles of self-organizing teams and continuous improvement, which are crucial for short schedules. Performing a schedule impact analysis (A) is premature; understanding the root cause of inefficiencies is the first step. Reviewing deliverables with the key stakeholder (C) might confirm the problem but won't identify the process issues causing it. Seeking support from the project sponsor (D) is an escalation that should only occur after the team has attempted to resolve the issue internally and requires additional resources or authority.