Optimizing Project Budget
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What does it mean to crash a project? What are some ways to save money? Is it possible to shorten the critical path and save money? Explain how.
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Solution Summary
This solution defines the concept of schedule compression as a means of shortening the critical path to project completion. It provides two different strategies for schedule compression, crashing and fast-tracking, and discusses if one strategy is a better way to save money than the other. This solution is approximately 283 words and includes 1 reference.
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Schedule compression includes both crashing and fast-tracking. Crashing is adding resources to a project activity so that it will be complete more quickly (Crowe, 2009). It almost always increases costs and can only be applied to the critical path. The idea is to crash the least expensive activities first so the cost is lower. An example might be with laying pipeline in a construction project. Originally, the critical path may have called for one resource taking 12 days to complete the task. After ...
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