The Project Update
This is a role-play scenario to work on with your teacher.
You will play someone who works in a small startup company. Your teacher will play your CEO.
You're responsible for an 18-month project, which is one of the biggest in your company. With 3 months to go, it's obvious to you that it's going to be late and cost more than the original budget of $2m. There have been a number of problems - a key software component was much more difficult to develop than expected, and your major partner company has gone out of business.
You need to give your monthly report to your CEO.
Try to explain the situation to him in a clear and professional way, sticking to the facts, and get a decision on how you should proceed.