During a retrospective, the team reported that obsolete equipment could affect the next iteration and recommended buying new equipment because it's critical to the final deliverable. What should the project manager do next?

The correct answer is to review the cost management plan. The team has identified a potential issue (obsolete equipment) and a proposed solution (new equipment). Before taking action, the project manager needs to understand the established processes for managing costs, including how to handle unexpected expenses or changes in resource needs. The cost management plan outlines these procedures, such as thresholds for approval, funding sources, and how to update cost baselines. Checking the budget directly is premature without understanding the process. Telling the team it's out of scope dismisses a potentially critical issue without proper evaluation. Submitting a change request immediately bypasses the necessary step of understanding the established cost management procedures and determining if the issue can be addressed within existing frameworks or if a formal change is truly required.