You are managing a project to build a solar farm for a new housing development. The government will reduce taxes on renewable energy starting 1 January. The supplier warns that panels ordered for 20 December delivery may be delayed until early January, while your team will also be impacted by December holidays. How should the project manager address this risk?

The correct answer is to update the risk register and take advantage of the opportunity. The potential delay in panel delivery presents a threat (delaying the project) but also an opportunity. If the panels arrive in early January, after the tax reduction takes effect, the project could benefit from lower costs. This scenario requires updating the risk register to reflect the new information and evaluating strategies to exploit this potential positive impact. Reviewing the contract is a good step but doesn't address the full scope of the situation. Insisting on the original delivery date might not be feasible and ignores the potential upside. Accepting the risk and only updating the register misses the opportunity to proactively manage the situation for potential benefit.