Managing Project Communication

Assume that you are managing a project and you discover in the day following a project review meeting that there is significant work that you and your team failed to consider in the original project plan. You realize now that you are behind schedule and will be significantly over budget.

We know that the project will be over budget, but at this point, is there anything that the team can do to bring the cost down?

Briefly outline the steps you would take. In addition, when responding to classmates, take the role of a project team member hearing this news and respond. (Objections to the news are welcome and likely to be expected!)