The project manager should raise a new issue in the issue log and convene SMEs and relevant stakeholders to identify alternatives to address the problem. This is because the inability of the subcontractor to supply a key component is an issue that has already occurred and needs to be resolved as soon as possible. The issue log is a tool for documenting and monitoring the resolution of issues that arise during a project1. The project manager should also involve the SMEs and relevant stakeholders who have the expertise and authority to provide input and guidance on how to deal with the issue. The project manager should not discuss the issue with the project sponsor and request extra time and budget to obtain the component from a different supplier, as this would be premature and may not be the best option. The project manager should not raise a new risk in the risk register, perform a risk assessment, and convene SMEs and relevant stakeholders to plan a risk response, as this would be appropriate for a potential problem that has not yet occurred, not an actual issue that has already happened.
The project manager should not submit a change request to the CCB for changes to the performance measurement baseline to obtain the component from a different supplier, as this would be a formal process that requires approval and may not be necessary if the issue can be resolved in other ways. References:
(Professional in Business Analysis Reference Materials source and documents)
* PMBOKGuide, 6th edition, Section 4.6.1.1, "Issue Log"