You have recently taken over a project from another project manager, who left the company. You realize that the project is behind schedule and over budget, but the senior management is unaware of this fact. In this context, what should you do FIRST?

Choice 1

Do not continue to manage the project.

Choice 2

Update the management with the status of the project.

Choice 3

Bring the project on schedule and then inform the management about the status of the project.

Choice 4

Do crashing and fast-tracking of the project.