According to the PMBOK Guide, a change request is a formal proposal to modify any document, deliverable, or baseline of a project. Change requests can be initiated by any stakeholder, including the project team, and should be processed through the perform integrated change control process.

In this scenario, the project team has identified a potential risk that could affect the quality and schedule of the next iteration of the project. The team has also proposed a solution to mitigate the risk by buying new equipment. This solution would require an increase in the project budget, which is a baseline that needs to be approved by the project sponsor or customer.

Therefore, the project manager should submit a change request to increase the budget and buy new equipment, and follow the change control procedures to obtain the necessary approval and authorization. This would ensure that the project scope, schedule, and quality are not compromised, and that the project stakeholders are aware of and agree with the proposed change.

The other options are not appropriate because:

Checking the project budget to verify if there is enough contingency reserve (option A) is not sufficient to address the issue. Contingency reserves are funds set aside to cover known risks that may or may not occur during the project. Even if there is enough contingency reserve, the project manager still needs to submit a change request to use it and update the project baseline.

Reviewing the cost management plan to determine how to address this issue (option B) is also not sufficient to address the issue. The cost management plan is a component of the project management plan that describes how the project costs will be planned, estimated, budgeted, managed, and controlled. It does not provide specific guidance on how to deal with changes that affect the project budget. The project manager still needs to follow the change control procedures and submit a change request.

Telling the team members that more equipment is not part of the project’s scope (option C) is not a constructive or collaborative way to deal with the issue. The project manager should not ignore or dismiss the team’s input and recommendations, especially if they are based on valid and relevant information. The project manager should respect the team’s expertise and experience, and work with them to find the best solution for the project.