An oil and gas company is redDuring 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 3 options: Ignore the high-risk item since there is a contingency plan in place. Wait and see if the risk materializes before taking any action. Implement the contingency plan immediately to avoid any potential risks. Evaluate the cost-benefit analysis of the contingency plan before implementing it.esigning their oil storage tanks to meet updated international industry standards. A vendor is contracted to perform the work. During the latest inspection, a critical flaw is detected in the tank venting systems. The vendor states that this is a design flaw and that they notified the team lead three weeks ago to inspect the tanks, but they did not perform the inspection. The vendor kept working, using the designs they were given, to meet the next milestone. The team lead says the inspection was not on the schedule. What should the project manager