Guide to Understanding Schedule Compression

Schedule Compression is a technique in project scheduling where the project schedule is shortened while keeping the project scope constant.

Why it is Important:
It is used when a project is running behind schedule or when there is an opportunity to complete the project early. It involves trade-offs between schedule, cost and risk, thus, having important implications for project management.

What is Schedule Compression:
It is a vital task-sequencing related concept that is concerned with shortening the project schedule without altering project scope. Two common techniques used in schedule compression are crashing (adding resources to critical path tasks) and fast tracking (perform tasks in parallel that were planned in sequence).

How it Works:
Schedule compression works by identifying ways to overlap or eliminate tasks, or by adding team members or hours to a project.

How to Answer Questions on Schedule Compression in an Exam:
When answering questions on Schedule Compression, it’s important to underline that it doesn't involve reducing project scope. Understand the concepts of fast tracking and crashing as methods of schedule compression. Be equipped to calculate costs related to both schedule compression techniques if necessary.

Exam Tips:
Key points to remember include understanding the trade-offs between time, cost and scope involved in schedule compression, remembering that fast-tracking increases risk and that crashing can lead to increased cost. Always provide clear instances of when to use either method.