Everyone has trade-off experience in daily life. My friend always buy the best price he can find in bay area for same model car. He is willing driving 100 miles to compare and get the best offer he can find. He trades his time to get better deal. In project management world, the trade-off is between Cost, Schedule and Quality. When we want something done faster, better prepare more budget. High paid consultant is another example, they do fast and great quality work when employers pay more.
Even Quality could be compromised by getting faster schedule. It is the worst idea to do that. Instead of getting a 80% working 20% failed products, we would prefer offering a less function product with 100% working all the time. The 3 US car makers spend tons of money to advertise their improvement on quality now as a result they sacrifice quality before. Most of time, US cars offer more standard features than Japanese cars but customers would prefer a more reliable cars even with less features.
In Boeing 767-400ER case study, Boeing shows great advantage they have in past years. They have done so many airplane designs and therefore Boeing can use parametric design to get a more accurate project estimate. When newer smaller companies may not have same advantages, they still can learn a lot from industry study.
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