A major project is unable to access the US$12 million funding allocated for the project.

 According to the PMBOK Guide, the project steering committee is a group of senior stakeholders who provide strategic direction, guidance, and support to the project. The project steering committee is also responsible for resolving high-level issues and risks that may affect the project. In this scenario, the project manager should escalate the issue of funding access to the project steering committee, as they have the authority and influence to resolve it. The project steering committee can help to expedite the funding process, negotiate with the finance department, or find alternative sources of funding. This will help to avoid further delays and ensure the project can proceed with the procurement process. References: PMBOK Guide, 6th edition, page 33-34. PMP Questions page 524, question 524. [Project Steering Committee: Roles and Responsibilities].