Budgeting Time and Valuing Risk Management

I’m working on a Management question and need guidance to help me study.

You have been assigned to analyze the project plan of a payroll system that is behind schedule and over budget. The project was supposed to be completed in one (1) year, but now, it is running about three (3) months behind schedule and 25% over budget. It is expected that the project may continue to fall further behind schedule and over budget. Your superior wants to know if the project can be saved. Recommend a series of actions to save the project and identify the risks in taking such an approach.

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