The project manager should review the terms of the contract in order to determine the next steps. This is part of the Control Procurements process, which involves managing procurement relationships, monitoring contract performance, and making changes and corrections as appropriate1. The project manager should check if the contract has any clauses or penalties for the supplier's delay or breach of contract, and take appropriate actions to protect the project's interests and minimize the impact on the schedule. Updating the project team on the delay so that resources can be utilized elsewhere (A) is not a sufficient action since it does not address the root cause of the problem or prevent it from happening again. Analyzing the schedule and looking for fast tracking and crashing alternatives (B) is also not a good option since it may increase the project risk and cost without resolving the issue with the supplier. Updating the lessons learned register to serve as an input for future material transactions (D) is a good practice, but it is not the most urgent action in this situation. References:
* 1: A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Seventh Edition, Chapter 12, Section 12.3.3.1