Consider the following scenario: A major software development project has been initiated for your company. The project is expected to take 18 months and has a budget of $5 million. Despite careful planning, the project is now six months in and has already spent $3 million, which represents 60% of the original budget allocation. A thorough analysis of project progress has revealed several factors contributing to these overruns. Primarily, the complexity of certain software components has exceeded initial estimates, necessitating additional development resources and time. Secondly, unforeseen integration challenges with existing systems have arisen, requiring substantial rework and budget reallocation. Finally, the competitive landscape has evolved, necessitating the incorporation of new features to maintain market competitiveness. The project is behind schedule, and there are indications that additional unforeseen costs will arise. As the project manager, you must now present a revised budget to upper management. Discussion Prompt Based on the scenario, address all the following questions in your initial post: 1. What cost-cutting measures can be implemented without compromising the project's core objectives? 2. How can you justify the increased budget to upper management? What data and evidence will you present? 3. What contingency plans should be in place to