Sometimes you work on product development, and you realize that something ain't quite right.
1) Get a nice neat summary of what's going on. All too easy to end up with an oversized Outlook inbox full of 'what's going on emails' from team.
2) Present problem in a clear and digestable way to the stake holder.
3) Work on solutions. No need for panic.
These sort of situations may be difficult whilst you're in the midst of it, but they're what makes you develop and become a better product manager.