During the construction of a housing development, a project team realizes they exceeded their materials budget during the first of three execution stages. The risk manager observed that the team did not notice that the cost of the materials increased due to continuous inflation in the steel market. What could have been done during project planning to avoid overspending? Engaged with the sponsor to buy the steel in advance of the project Met weekly with the finance team to monitor the cost Properly documented the triggers and actions for the risk Communicated with the stakeholders that the project costs might increase