A project manager is assigned a project due at year-end. The vendor informs them a core component cannot ship on time, affecting the schedule. What should the project manager do next to reduce the impact?

The project manager's immediate priority is to assess the impact and explore solutions. Reviewing and updating the issue log formally documents the problem, and determining alternative components is a proactive step to mitigate the delay. This aligns with the project manager's responsibility to manage risks and issues. Scheduling a meeting to extend the deadline is premature; solutions should be explored first. Replacing the vendor might be an option, but it's a drastic step that requires thorough analysis of new risks, costs, and lead times. Adding the issue to the next status review is insufficient; immediate action is needed to address the critical delay.