While preparing technical documentation in an engineering project, you realized that the construction effort was underestimated. After further analysis, you concluded that the approved schedule cannot be met without redefining the project. As a project manager, how should you proceed?

Eliminate scope components that were required by your organization but were not required by the customer

Review the project schedule, document issue in a status report, and gather lessons learned regarding the schedule variance

Discuss the issue and alternative solutions with the sponsor.

Request additional funding from the sponsor to compress the schedule