During the risk management planning process for a software development project, a project team identifies a high$-$risk item related to the integration of a new third$-$party tool into the system. The team has identified a contingency plan, but it is expensive and may impact the project budget.

What should the project manager do next?

Question $10$ options:

Ignore the high$-$risk item since there is a contingency plan in place.

Evaluate the cost$-$benefit analysis of the contingency plan before implementing it$.$

Wait and see if the risk materializes before taking any action.

Implement the contingency plan immediately to avoid any potential risks.