According to the PMBOK Guide, the project manager is responsible for ensuring that the project delivers the expected business value and benefits. If the project manager acquires information that indicates a significant reduction in the business value of the project, they should communicate this information to the project sponsor and other key stakeholders, and recommend a reassessment of the project business case and viability. The project sponsor is the ultimate authority to decide whether to continue, cancel, or change the project based on the updated information and analysis. Removing items from the backlog, continuing with the defined scope, or canceling the project without consulting the sponsor are not appropriate actions for the project manager to take in this situation. References: = PMBOK Guide, 7th edition, page 23; PMI, Project Management Professional (PMP) Examination Content Outline, 2021, page 6.