What strategy should the project manager use in order to keep delivering value in a restricted environment?

The project manager of an agile project has been asked to reduce the budget by 30% Since this is a small project team, the budget is primarily allocated to resources

What strategy should the project manager use in order to keep delivering value in a restricted environment?
A . Reduce the project staff and adjust the scope and timelines accordingly in support of the budget reduction.
B . Balance the project team in order to accommodate the budget challenges, and provide training to mitigate the risk of low performance
C . Prioritize the product backlog looking for high business value and low effort, and adjust the project budget and staffing to account for those items.
D . Restrict the project scope only to basic critical features and run the project with the current staffing level until all of the budget is consumed

Answer: C