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A change order is the correct approach when the owner intends to adjust the estimated cost after a contract has been awarded. A change order formally modifies the original contract to reflect changes in scope, drawings, specifications, or other contract documents, which may occur after the bidding process. This process is essential as it ensures that the contractor is compensated for additional work or changes required by the owner while maintaining the project's integrity.

Utilizing a change order promotes clear documentation and tracking of changes, which is critical in construction projects to avoid misunderstandings and disputes. It also enables the owner to incorporate necessary adjustments within the established contractual framework.

The other options, while they might seem reasonable in various contexts, do not directly address the process of adjusting costs after a contract has been awarded. Revising the scope could lead to a change order, but it is not the actual mechanism for cost adjustment. Changing the architect might complicate or delay the project unnecessarily and does not directly facilitate a cost adjustment. Negotiating with the contractor could be a route for unforeseen circumstances but is less formal than issuing a change order and might lead to misunderstandings regarding the contractual terms.