You estimate the length of a project as best you can, but if your Microsoft Office Project 2007 project is taking longer than you expected, try the following methods to tighten the timing:
Modify dependencies so that tasks can start sooner, if possible.
Create overlapping dependencies where appropriate.
Reduce the amount of slack (but never get rid of it all!) on individual tasks.
Add resources to effort-driven tasks to have them finish earlier.
Consider whether your project can do without certain tasks (for example, a second Q&A testing phase or a management review of a package design).
Outsource a phase of your project when in-house human resources can’t complete it because they’re busy with other tasks.
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Source:http://www.dummies.com/how-to/content/how-to-shorten-project-time-with-microsoft-office0.html
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