A project is on its second iteration out of six.

When a project team realizes that a key deliverable is dependent on the acquisition of a new device, it introduces a potential risk to the project’s timeline, budget, or scope. According to the principles of project management, such a situation should be treated as a risk. The project manager should document this risk and escalate it to the project sponsor, who can assist in making strategic decisions on how to address the risk. This approach aligns with the risk management processes described in the PMBOK® Guide, which emphasize the importance of identifying and communicating risks in a timely manner to ensure that they are managed appropriately.