In a multiyear resource-constrained project that is midway through the execution phase, identifying the critical path is crucial when a potential schedule delay is observed. The critical path method (CPM) is a step-by-step project management technique to identify activities on the critical path. It is an approach to project scheduling that breaks the project into work tasks, displays them in a flow chart, and calculates the project duration based on task sequences. This method helps to identify the most important tasks and to focus on them to bring the project back on schedule. Investigating the reasons for the delay is essential to develop an effective recovery plan. This approach is proactive and allows the project manager to address the specific issues causing the delay and take corrective actions to bring the project back on track.
The answer is based on the best practices outlined in the PMBOK Guide and the Agile Practice Guide, which are part of the PMP certification materials. These guides emphasize the importance of the critical path method and proactive management of project schedules.