When informed of a potential raw material shortage, the project manager should first assess the possible impact on the project. This involves analyzing how the shortage could affect project timelines, costs, and quality. The assessment should consider the severity of the shortage, the criticality of the material, and potential alternative solutions. This proactive approach allows the project manager to develop contingency plans and take appropriate actions to mitigate risks231. References:
* Capterra Blog & Research2.
* ICC Academy News3.
* Exam PMP topic 1 question 719 discussion - ExamTopics1.