(Answered) Your manager has asked you to take on an existing project

Finance

Your manager has asked you to take on an existing project from a peer PM who is leaving the company. As you hold the knowledge transfer, you learn that your co-worker signed a statement of work (approx. $150,000) with an outside vendor with no involvement from strategic sourcing. Additionally, the business requirements have not yet been finalized internally within your project team nor tied to the statement of work. The contract states the work is expected to start within five business days. What steps should you take as the project manager to resolve this?

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