When a project is experiencing delays due to identified risks, the project manager should revise the project schedule and inform the stakeholders regarding any delays1. This approach ensures transparency and allows stakeholders to adjust their expectations accordingly. It's also important to analyze the scope that is at risk and divide it into smaller, tangible parts. Setting a very short daily meeting or call with the key leaders of the delivery team to closely monitor progress can also help manage the project schedule effectively1.
References: = Dealing with delays - Project Management Institute