Do you agree with the posted below? why?

How will you manage your team when everyone knows the project is over budget and schedule?

Suppose that our team everyone knows the project is over budget and schedule than we can manage our team by focusing on the following points:

• Identify as a purposed changed, impact on cost, schedule, risk and performance
• Identify documentation, rejection, or approvals/business case and using them properly
• Working on project scope to control the cost and time
• All team should be working with dedication and motivation to reach significant goals
• Using the project management tools to make sure that the project doesn't delay or goes over budget anymore
• Using the current project example to prevent the over going of cost and time of any other project