A vendor notified the project manager that a critical resource will be on extended leave. The team identified an alternative solution, but it incurs additional cost. The project is on schedule and slightly under budget. What should the project manager do next?

The project manager should perform a cost-benefit analysis to evaluate the financial implications of the proposed alternative solution. This analysis will determine if the additional cost is justified by the benefits of maintaining the project schedule and avoiding potential delays or further issues. Requesting a replacement from the vendor is a valid option, but it doesn't address the immediate problem of the resource being on extended leave and the team's proposed solution. Implementing risk responses is too broad; a cost-benefit analysis is a specific tool to evaluate one of the proposed responses. Initiating Integrated Change Control would be premature; the project manager first needs to understand the full impact of the proposed change through analysis before formally submitting it.