A project is nearing completion, and the project manager realizes that the project budget has been exceeded due to unexpected expenses. The project sponsor expects the project to be completed within the original budget. What should the project manager do to ensure transparency and accountability in project governance?

$1$ point

Conceal the budget overrun to avoid negative repercussions.

Request additional funding from the project sponsor to cover the expenses.

Prepare a detailed report outlining the budget overrun and present it to the project governance board for discussion and decision$-$making.

Revise the project budget without informing stakeholders to meet the sponsor's expectations.