Explanation
According to the PMBOK Guide, 7th edition, one of the key principles for project delivery is to "embrace uncertainty and respond to change" (p. 12). This principle implies that the project manager should help the team identify and address risks and issues as they arise, rather than relying on predefined plans or reserves.
The project manager should help the team review the project approach to initiate the corrective actions, as this will help to resolve the issue, learn from the experience, and improve the project outcomes. Asking the sponsor to approve an additional iteration, asking the sponsor for money, or asking the team to include the contingency plan in the backlog are not effective ways to handle the situation, as they do not address the root cause of the problem, which is the unidentified risk that became an issue. References: PMBOK Guide, 7th edition, p. 12; PMP Exam Content Outline, Domain III: Business Environment, Task 3.
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