The project manager should establish daily standups to review project progress and track the completion of deliverables, as this is a way to monitor and control the project performance and ensure that the team members are aligned and accountable for their work. The project manager should also work with the team to identify options to accelerate project delivery, such as fast-tracking, crashing, or re-sequencing activities, as this is a way to recover the schedule and meet the project deadlines. The project manager should not allow the team members to catch up at their own pace (choice B), as this would imply that the project manager is not proactive and responsive to the schedule issues and does not provide adequate guidance and support to the team. The project manager should not alert the business stakeholders immediately of the schedule delay (choice C), as this would create unnecessary panic and confusion among the stakeholders and damage the project reputation. The project manager should first try to resolve the schedule issues internally with the team and the functional managers, and then communicate the status and the corrective actions to the stakeholders in a timely and transparent manner. The project manager should discuss the risk of project delay and work priorities with the respective functional managers (choice D), but this is not enough to bring the team back on track, as the project manager also needs to take actions to improve the project execution and delivery.
References:
* PMBOK Guide, 6th edition, page 368: "The communications management plan is a component of the project management plan that describes how project communications will be planned, structured, implemented, and monitored for effectiveness."
* PMBOK Guide, 6th edition, page 376: "A daily standup is a short meeting where the project team members report on the progress of their work, any issues or impediments they are facing, and their plans for the next period."
* PMBOK Guide, 6th edition, page 215: "Schedule compression techniques are used to shorten the duration of a project without changing its scope."
* PMBOK Guide, 6th edition, page 216: "Fast tracking is a schedule compression technique in which activities or phases normally done in sequence are performed in parallel for at least a portion of their duration."
* PMBOK Guide, 6th edition, page 217: "Crashing is a schedule compression technique in which resources are added to the critical path activities."
* PMBOK Guide, 6th edition, page 218: "Re-sequencing is a schedule compression technique in which the logical relationships among project activities are modified."