On a large, complex project late in the design stage, a quantitative risk management plan is developed, including a Monte Carlo analysis, the results of which are shown below. The owner desires the project to be completed by August $31,2019$ at a P$50$ confidence level. What steps should the project team take next based on the results shown?

Review the top risks shown on the tornado chart and develop mitigation strategies to improve the results.

Advise the owner that the project duration should be extended at least one year.

Re$-$baseline the schedule to create a base schedule that matches the P$50$ date shown.

Set aside the Monte Carlo analysis as being unrealistically pessimistic.