In an agile project, when the budget is nearly depleted yet the project is far from completion, it is essential to review the project backlog. This allows the project manager to reprioritize work and identify any possible reductions in project scope that could bring the project back within budgetary constraints. This strategy is in line with agile principles, which emphasize flexibility and the ability to adapt to changing circumstances. By focusing on the most valuable deliverables and potentially descaling the scope, the project can still achieve its most critical objectives within the available budget.
References:
* PMBOKGuide - Sixth Edition, Section 8.1 - Plan Quality Management
* Professional in Business Analysis (PMI-PBA) Reference Materials