Mike's Tees, a relatively large company that prints T-shirts, is developing a system that allows customers to upload their image files on a server and have them printed on T-shirts. The project was drafted and planned to start several months ago; however, the key stakeholders decided that it would have to wait while they remodeled their IT infrastructure. It is now time to pick up where they left off.

Recent budget cuts have decreased the amount of money allocated for this project by 45% from the original estimates. Also, because of the late start, the development schedule has been shortened by about 40%.

The IT manager wants this system fully integrated with the new IT framework. The CEO would like to automate the process as much as possible. The lead programmer thinks some of the requests are not logically or physically feasible. He is also concerned that the new time constraints are woefully inadequate. He proposes licensing a similar system owned by an IT solutions company, but warns that this system only meets 65% of the key stakeholders' requirements.

As a PM, what techniques would be best to adopt in the given situation to successfully complete the project? What are the benefits and drawbacks of licensing the similar system offered by the IT solutions company? Would it best to recommend licensing this system despite the fact that it does not fully meet the key stakeholders' requirements?