Cost-Effective Strategies for Project Success

D.

When a project manager is directed to complete a project sooner than previously planned, it can create a challenging situation. In order to ensure the project's success, the project manager must carefully consider their options and determine the most cost-effective steps to take.

Option A: Reduce the scope Reducing the scope of the project is one way to complete it sooner. However, this option may not be the most cost-effective, as it could lead to missing key deliverables or requirements. Additionally, stakeholders may not be satisfied with a reduced scope if it does not meet their needs or expectations. Therefore, reducing the scope should only be considered if it can be done without compromising the quality or the ultimate success of the project.

Option B: Increase the budget Increasing the budget may allow the project manager to complete the project sooner by adding additional resources or expediting certain activities. However, this option may not be the most cost-effective, as it could result in unnecessary spending and waste. Furthermore, stakeholders may not be willing to approve a budget increase if they do not see the added value in the faster completion.

Option C: Decrease staff Decreasing staff is another option to complete the project sooner, but it could negatively impact the project's success. Reducing the staff may lead to an overworked team, which could result in lower morale, lower productivity, and potentially lower quality work. Additionally, removing key team members could result in a loss of knowledge and expertise that could be critical to the project's success.

Option D: Update the WBS Updating the Work Breakdown Structure (WBS) can help the project manager identify areas where they can compress the schedule or streamline activities. This option could also help the project manager better understand which activities are critical and which ones can be delayed or eliminated. Updating the WBS can provide more insight into the project's timeline and potential risks, and help the project manager develop a more realistic and achievable plan.

Therefore, the MOST cost-effective step to take to ensure the project's success in this scenario would be option D, to update the WBS. This approach allows the project manager to identify areas where they can save time and money without compromising the project's success.