To avoid overspending due to the unanticipated increase in material costs, the project team should have properly documented the triggers and actions for the risk. By identifying and documenting triggers-such as market conditions that could lead to price increases-the team could have monitored these triggers more closely and taken preemptive action, such as locking in prices or adjusting the budget accordingly.
PMI recommends that triggers for risks be identified and documented during the planning phase so that appropriate monitoring and responses can be implemented as part of the risk management plan.