On a software development project with five team members working overtime to meet a tight schedule, two recently resigned. What should the project manager do?

Acquiring experienced additional resources from third-party suppliers is the most effective immediate action. This directly addresses the resource deficit and the need to meet a tight schedule by bringing in skilled personnel quickly. Helping the remaining team members reallocate tasks might increase their workload and stress, potentially leading to further burnout or quality issues, which is not sustainable for a tight schedule. Starting the hiring process immediately is a good long-term solution but won't solve the immediate resource gap for a tight deadline due to the time required for recruitment and onboarding. Escalating to the project sponsor for a schedule delay should be a last resort after exploring all options to maintain the schedule, as it impacts project objectives and stakeholder expectations.