Explanation
According to the PMBOK Guide 7th Edition, the project manager should first assess the impact of any issue or risk on the project objectives before taking any action. In this case, the project manager should evaluate the impact of nonrenewal of the license on the project scope, schedule, cost, quality, and other factors. This will help the project manager to determine the best course of action, such as renewing the license, finding an alternative solution, or accepting the risk. References: PMBOK Guide 7th Edition, Chapter 4: Project Delivery, Section 4.3: Monitor and Control Project Work, Page 97.