The project manager should follow the project escalation policy and communications management plan to address the situation of reduced cost and shortened schedule due to changes in EEFs. EEFs are external factors that can influence the project performance and outcomes, such as market conditions, government regulations, organizational culture, etc. When EEFs change, the project manager should assess the impact of the change on the project objectives, scope, schedule, cost, quality, risk, and stakeholder expectations. The project manager should then communicate the change and its implications to the appropriate stakeholders, such as the sponsor, customer, senior management, team members, etc., following the project escalation policy and communications management plan. The project escalation policy defines the process and criteria for escalating issues and decisions to higher levels of authority within the organization. The communications management plan describes how, when, and by whom information will be distributed, received, and stored throughout the project. By following these plans, the project manager can ensure that the change is properly reported, documented, approved, and implemented, and that the project stakeholders are kept informed and engaged. References: PMBOK Guide, 6th edition, section 2.1.4; PMP Exam Prep, 10th edition, page 111