The project manager should inform the steering committee that the project is currently behind schedule with a corresponding lower cost, and every effort is being made to expedite the delayed activities. This is because the actual progress is less than the planned progress, indicating that the project is behind schedule. However, the actual cost is also less than the budgeted cost, which means the project is under budget. The project manager should assure the steering committee that efforts are being made to expedite the delayed activities to bring the project back on schedule123.
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Steering Committee: Definition, Roles & Meeting Tips - ProjectManager
Steering Committees (Roles, How to Run Meetings) - Tactical Project Manager A Comprehensive Guide to Steering Committee Meetings.