What does it mean to make project trade-offs?

Trade-offs are the result of a process where the team evaluates options for the project and decides which approach best meets the project's goals. We've all had situations where there were choices to be made and we had to decide which was the "best" or "right" choice for the situation. Do I spend the time to study for an exam, or go to the party? Do I spend more to get a fancier car, or save that money for getting to eat out more? Project managers are faced with…

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