A project team identifies a significant risk: a new composite material for a key structural component may not meet its required strength specifications. After analyzing the risk, they determine both the probability of failure and the impact on project success are high. According to the INCOSE Risk Management Process, what is the most appropriate immediate next step?
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A
Monitor the material's development and document progress.
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B
Accept the risk and create a contingency budget for potential rework.
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C
Transfer the risk by requiring the supplier to insure the material's performance.
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D
Develop risk treatment and mitigation plans, such as testing alternative materials in parallel.