Explanation
The cost management plan is a component of the project management plan that describes how the project costs will be planned, estimated, budgeted, managed, and controlled. It also defines the processes, roles, responsibilities, tools, and techniques for cost management, as well as the thresholds, rules, and procedures for handling changes and variances. Therefore, the project manager should review the cost management plan to determine how to address the issue of obsolete equipment that could affect the next iteration of the project.
The cost management plan can help the project manager to identify the available resources, reserves, and funding options, as well as the steps and criteria for submitting and approving a change request, if needed. The other options are not as appropriate or effective as reviewing the cost management plan, as they may not follow the established guidelines or consider the impact of the issue on the project objectives and constraints.
Checking the project budget to verify if there is enough contingency reserve may not be sufficient or accurate, as the contingency reserve may not cover the cost of buying new equipment, or it may be allocated for other risks or uncertainties. Telling the team members that more equipment is not part of the project's scope may not be realistic or feasible, as the obsolete equipment may compromise the quality, functionality, or value of the final deliverable, or it may cause delays, rework, or defects. Submitting a change request to increase the budget and buy new equipment may not be necessary or justified, as there may be other alternatives or solutions to address the issue, or the change request may not meet the approval criteria or process. References:
PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition, Project Management Institute Inc., 2017, pp. 235-236, 247-248, 487.
The ABC of obsolescence management, Netilion Blog, 2023, pp. 1-2.
6 Steps to Equipment Obsolescence Management, Tool Tracking Software, 2023, p. 1.