A project's scope was created with many assumptions. During execution those assumptions changed and now threaten the planned business value. What should the project manager do next?

When project assumptions change and threaten business value, the project manager must formally address these changes. Updating the assumptions log documents the new understanding, and updating the change log initiates the formal process. Implementing the change control process ensures that the impact of these changed assumptions on scope, schedule, cost, and quality is properly analyzed, reviewed, and approved by relevant stakeholders before any adjustments are made to the project baseline. Delivering the original work would ignore the new reality, potentially leading to a product that no longer meets needs. Informing the client about timeline and cost issues is premature without a formal impact analysis. Reporting to the sponsor is part of the change control process, but not the immediate next step; the formal documentation and analysis must occur first.