A project manager has been assigned a project with a budget of $50,000. Three change requests are submitted during execution that will increase the overall project cost to $60,000. Which of the following steps should the project manager perform NEXT?

A. Wait until the change requests are approved by the CCB.
B. Approve the changes because the additional functionality is required to complete the process.
C. Speak with the project sponsor and provide a detailed analysis of the changes and impacts to the project budget.
D. Schedule the changes as part of the second phase of the project when additional funding will be available and work can be completed.