According to the PMBOK Guide, issue management is the process of identifying and resolving issues that arise during the project life cycle1. Issues are problems that have already occurred and need to be addressed as soon as possible to avoid further negative impacts on the project objectives2. The project manager is responsible for managing issues and ensuring that they are resolved in a timely and effective manner3. One of the key steps in issue management is to identify the appropriate response and have it implemented4. This means that the project manager should analyze the issue, determine the best course of action, assign responsibilities, and monitor the progress of the resolution4. By doing so, the project manager can mitigate the impact of the issue on the project schedule and other aspects of the project performance4. The other options are not sufficient to manage the issue effectively. Identifying and reporting the issue (A) is necessary but not enough, as it does not involve taking any action to resolve the issue. Monitoring and controlling the issue (B) is also important but not sufficient, as it assumes that the issue has already been addressed and only needs to be tracked. Communicating any identified action to impacted stakeholders (D) is a good practice but not the primary responsibility of the project manager, as it does not ensure that the action is actually implemented and effective. References:

1: PMBOK Guide, 6th edition, p. 89

2: PMBOK Guide, 6th edition, p. 456

3: PMBOK Guide, 6th edition, p. 457

4: PMBOK Guide, 6th edition, p. 458