You are responsible for a very large project that is projected to take 24 months to complete at a cost of over $2 million. After two months into the project, you already realize that you are 3 months behind schedule, and at least $100K over budget. However, you built some slack into the project schedule and you think you can recover the lost time, and will eventually be able to deliver the project on time, and only about $100K over budget. You have a project status meeting coming up at the end of the week with the customer, your boss, and key project team members. What should you say about this situation at the meeting