Schedule Compression is compressing the schedule duration without compressing the scope.
Whenever the project manager goes to the sponsor with the time estimate, he was always asked to compress it. This is a usual challenge faced by most of the project managers, where they need to figure out how we can compress the project schedule. There might be business reasons for shrinking the schedule.
What is Crashing? Can I crash the schedule by adding resources and without changing any dependencies on it?
In general crashing increases the cost as we are adding resources to it. It can also add communication cost. In the case of 'crashing,' we don't overlook the tendencies instead put more people and number of resources to accomplish a task. Crashing can tend to increase the amount of risk involved- "adding people to a late project makes it later".
Fast-tracking is a schedule compression technique in which activities done in sequence are performed in parallel. When fast tracking techniques are employed, the dependencies must be reviewed and considered for modification or removal.Fast-tracking may result in rework and increased risk as we are avoiding some of the recommended dependencies.
These 2 techniques are used to shrink the project's schedule. From exam perspective you need to check what the actual problem is? Cost or Risk and then select the answer accordingly.

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Materials in this video are based on the text, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) – Sixth Edition, Project Management Institute Inc., 2017.

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