According to the Project Management Professional (PMP) guidelines, learning from past experiences is a key aspect of project management. In this scenario, the project manager is aware of a similar project that was not successful. The best course of action is to review the lessons learned from that project and apply those insights to avoid repeating the same mistakes. This proactive approach can help improve the project's chances of success. References: PMBOK Guide, Project Management Knowledge Areas, Project Integration Management, Lessons Learned. Please refer to the specific sections in the PMBOK Guide and PMP study materials for more detailed information.