A large project requires new equipment to support the project execution.

When a delay in equipment delivery is communicated, it directly impacts the project schedule and potentially other aspects of the project. The project manager should update the risk register to document this new risk, including its potential impact on the project, and then discuss the issue with the project stakeholders. This is in line with the best practices of risk management, which involve continuous identification, analysis, and communication of project risks. The risk register serves as a central repository for all identified project risks and is a critical tool for tracking and managing risks throughout the project lifecycle123.