If a risk has realized and resulted in a cost increase without available funds, who should you approach for assistance?

In situations where a risk has materialized and has led to a cost increase without available funds, the most appropriate person to approach for assistance is the project sponsor. The project sponsor is typically responsible for providing the necessary guidance and resources to the project. They hold a vested interest in the project's success and usually have the authority to make decisions regarding additional funding or resources to address unexpected issues.

The project sponsor can help in evaluating the situation, justifying the need for additional funds to stakeholders, and facilitating necessary approvals. Their involvement is critical as they often act as a bridge between the project and higher-ups within the organization, making them key advocates in securing the needed resources.

Other options such as the project team, external consultants, and the organization's management team may not have the same level of authority or influence to authorize additional funding quickly. While these parties may provide valuable input or support, they may lack the necessary decision-making power to address urgent financial concerns arising from a realized risk. Thus, approaching the project sponsor is the most effective strategy in this context.