Explain the fundamental trade-offs
Course:- Project Management
Reference No.:- EM1343329

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Project management short answer

1. Three main reasons that there are changes to a budget (and hence, changes to the overall budget) are: (1) errors the cost estimator made about how to achieve the tasks identified in the project plan; (2) An increased knowledge about the project's goal and deliverables causes changes to the way of thinking, leading to wholesale changes in the project; and (3) a new law, standard, or mandate occurs leading to a change in the way the project is carried out. Can you think of any other reasons why the baseline of the budget might need to be changed midstream of a project?

2. Explain the fundamental trade-offs made when deciding whether or not to crash a project. What trade-offs are made to resources if you decide to a crash a project? Can all three project factors - cost, schedule, and resources - be reduced when you crash a project? Why or why not?

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