When taking over a troubled project, the first priority is to understand what is happening operationally-root causes, current constraints, and immediate risks. Meeting with the team to understand the areas of concern (D) provides direct insight into schedule slippage drivers, the nature and source of late changes, technical or process bottlenecks, and what has and has not worked so far. The team is closest to the work and can identify systemic issues such as unclear requirements, weak change control, poor estimation, or quality rework.
Explaining the situation to stakeholders (A) may be needed, but doing it first without facts risks misinformation and loss of credibility. Seeking sponsor guidance (B) can help with authority and escalation, but it should be informed by a clear understanding of issues and options. "Arrange a time to meet with the team" (C) is essentially the same intent but less direct; the immediate action is to meet and diagnose. A fact- based understanding enables a recovery plan, including tighter change control and realistic rebaselining if required.