The main point of Project Management is the concept of an "Iron Triangle" where you can do trade-off analysis between cost, schedule, and performance. Research this concept online.
Then address the following:
- Provide a realistic example of a trade-off, where one of these three items is optimized at the detriment of the other two items.
- Explain why you selected the one item to optimize.
- Explain how you will work to mitigate adverse impact from the reduction in the other two areas of the Iron Triangle.