Explanation
According to the PMBOK Guide, the project manager should first analyze the context of the conflict, such as the root cause, the impact, the urgency, and the interrelationships of the parties involved. This will help the project manager to choose the appropriate conflict resolution technique and to avoid unnecessary escalation.
The other options are possible actions that the project manager can take after analyzing the context, but they are not the first step in managing the conflict. References: PMBOK Guide, 7th edition, page 255.