A project manager of a particular project receives formal notification that a vendor has gone out of business. New vendors with similar products at similar costs have been identified. Which of the fol

Given that new vendors with similar products and costs have already been identified, the most immediate and impactful first step is to formally initiate the procurement process by sending RFQs to these qualified vendors. This action directly addresses the gap in supply, allowing for the subsequent necessary steps of updating the project management plan and communicating the change to relevant stakeholders.

A make-or-buy decision analysis is typically performed during the Plan Procurement Management process and is less critical as a first step when suitable alternative vendors at similar costs have already been identified.

Calling a stakeholder meeting as the very first step can be premature; the project manager should first take concrete steps to address the immediate procurement issue and gather more specific information or propose solutions before a broad urgent review.

While communicating with the project sponsor is crucial, initiating RFQs is an operational step to begin resolving the vendor issue, which then provides more concrete information to communicate to the sponsor rather than just reporting the problem without a path forward.