Project plan of a payroll system that is behind schedule and over budget.

You have been assigned to analyze the project plan of a payroll system that is behind schedule and over budget. The project was supposed to be completed in one year, but now it is running about three months behind schedule and 25 percent over budget. It is expected that the project may continue to fall further behind schedule and over budget. Your superior wants to know if the project can be saved.

Recommend a series of actions to save the project, and identify the risks in taking such an approach.