What are the trade offs in project management?

Traditionally, the concept of „trade-off’ in Project Management tends to refer specifically to problems which demand finding a balance between the project‟s „time and cost’. Such challenges have been said to be the origin of the Critical Path Method (CPM) developed in 1950s (Pollack-Johnson and Liberatore, 2006).

What are some trade-off examples?

In economics, a trade-off is defined as an “opportunity cost.” For example, you might take a day off work to go to a concert, gaining the opportunity of seeing your favorite band, while losing a day’s wages as the cost for that opportunity.

What is the most common trade-off?

Let’s look at major trade-offs you will face in your career.

• Money vs Time. 90\% of all jobs and promotions are a trade-off between money earned and the time required.
• Position vs Accountability.
• Job security vs Opportunity.
• Travel vs Predictability.
• Role vs People.
• Brand vs Scope.
• Relationships vs Numbers.
• Reframe.

What is a trade-off give at least one example?

What is a trade-off? A trade-off is an exchange in which one benefit is given up in order to obtain another. Example: a material may be used to build a house because it is attractive to customers even though it is not as durable.

Why is trade-off necessary?

Trade-offs have the effect of reducing marketplace choices by removing specific interventions that are judged to provide low value. In that sense, they do not in any way deny the importance of proper incentives in the system or the ability of the market to identify low-value care.

What is trade-off analysis?

Definition(s): Determining the effect of decreasing one or more key factors and simultaneously increasing one or more other key factors in a decision, design, or project.

What are economic trade-offs?

The term “trade-off” is employed in economics to refer to the fact that budgeting inevitably involves sacrificing some of X to get more of Y. With a fixed amount of savings, one can buy a car or take an expensive vacation, but not both. The car can be “traded off” for the vacation or vice versa.

How do you identify trade-offs?

In economics, the term trade-off is often expressed as an opportunity cost, which is the most preferred possible alternative. A trade-off involves a sacrifice that must be made to get a certain product or experience. A person gives up the opportunity to buy ‘good B,’ because they want to buy ‘good A’ instead.

What is a good trade-off?

a situation in which you accept something bad in order to have something good: For some car buyers, lack of space is an acceptable trade-off for a sporty design.

What are five distribution trade-offs?

The specific trade-offs variables in this study are limited to five. They are transportation cost (C), reliability (R), information systems (I), capacity (V), and insecurity (S). So, for example, the trade-off between cost and capacity is termed as a CV.

What are the major trade-offs in a make or buy decision?

Dabhilkar (2011) points out that there are trade-offs in ‘make or buy’ decision-making regarding their main reasons (costs, quality, core activity focus, flexibility, and innovation) that often conflict and imply that a company cannot have all these reasons when outsourcing an activity.

How do you assess trade-offs?

Tradeoffs between two dimensions can be assessed by asking how much of one dimension must be given up in order to compensate for a change in the other dimension, with respect to the effect of these changes on the rating.