Originally, the organization underestimated the schedule of building a warehouse. The team of five employees working on the task says that it will take 200 more hours and two weeks longer to complete the construction. After agreeing with the new estimate, the project manager documents the outcome of increased time. From the new estimate, the 200 hours of work will take four weeks at the rate of 50 hours per week with the existing workers. Since the sponsor wants the project to be completed, the project manager develops a trade-off. The project manager considers the trade-off that comes because of adding five more workers. In this situation, the existing five employees would take 100 hours to complete the task, and the added five workers would do the work for 100 hours. Therefore, if the two groups each used to work for 50 hours per week, they could complete the construction in two weeks rather than the initial estimate of four weeks. Moreover, the organization hired the five workers at $100 per hour. The budget for the project will increase by $10,000. In this scenario, the trade-off would be reducing the time to complete the task by two weeks at a cost of $10,000.

In this situation, time is optimized because the project would only take less time if additional workforce were added. Besides, the project manager wanted the project to be completed as soon as possible. Therefore, reducing the time to complete the task would mean adding more workforce and the cost of hiring them would increase (Badiru, 2011).

To mitigate adverse impact due to the reduction in other two areas of the iron triangle, I will ensure that the task is 100 percent completed. It will involve ensuring that the team members do not take short cuts in order to meet the first approaching deadline (Badiru, 2011). Second, I will quantify and document all the relevant information. These details will ensure that the future changes on the project involve less effort. In addition, if the weekly status report about the project indicates variance from the plan, I will use project trade-off as a tool to model alternative corrective measures that will help me to address the variances. I will ensure resources are available that will help to model corrective actions.

Reference

Badiru, A. B. (2011). Project Management: Systems, Principles, and Applications. CRC Press.

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