The project manager of an agile project has been asked to reduce the budget by $30\%.$ Since this is a small project team, the budget is primarily allocated to

resources.

What strategy should the project manager use in order to keep delivering value in a restricted environment?

Prioritize the product backlog looking for high business value and low effort, and adjust the project budget and staffing to account for those items.

Restrict the project scope only to basic critical features, and run the project with the current staffing level until all of the budget is consumed.

Balance the project team in order to accommodate the budget challenges, and provide training to mitigate the risk of low performance.

Reduce the project staff and adjust the scope and timelines accordingly in support of the budget reduction.