A project manager has been assigned to a multimillion-dollar project that is high risk because no similar projects exist and there is no historical data. Some external stakeholders are reluctant to support the project. What approach should the project manager take?

Engaging stakeholders in dialogue is crucial for high-risk projects with no historical data. This proactive communication helps build understanding, address concerns, and gain support from reluctant external stakeholders. Discussing constraints, assumptions, and key inputs clarifies expectations and allows for collaborative problem-solving, which is essential when facing high uncertainty. Reviewing organizational assets is a good practice but doesn't directly address external stakeholder reluctance. Canceling the project is premature; the project manager's role is to manage risks, not avoid them by termination. Holding a team meeting and updating documents is an internal step that follows, rather than precedes, necessary external stakeholder engagement in this scenario.