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Managing Risks Associated with Compressing the Project Schedule

What are the options for the project team when it becomes clear from the network/PERT diagram and critical path that the project is scheduled to take longer than the sponsor and senior stakeholders expect? This is a common situation and it is important for project managers to prepare themselves to address this situation and systematically consider the options. We will start our schedule compression analysis with the assumption that all the work packages and associated activities currently in the schedule should remain as part of the project scope. Project managers can consider two techniques; fast-tracking and crashing. You began your study of these techniques in Week 3. We continue to focus on them this week, and you will be applying them to your project schedules in Week 5. How can you decide, which, if either, technique to use? What are the strengths and limitations of each technique? What are the risks associated with each technique? Post your response to the following based on the characteristics of your project: Briefly summarize for your project sponsor and stakeholder, the fast-tracking and crashing techniques and the situations in which each technique would be appropriate. What are the resource requirements to use each of these techniques? What are the risks associated with each technique? If neither technique is appropriate, what other options could be explored to shorten the schedule?