"When interviewing for a position as a senior project manager, you can expect to be asked not only about your skills and experience as a project manager but also about your ability to hire, place, and mentor other project managers, step in when when a troubled project needs to be turned around, and devise ways to continuously improve project management strategies. Prepare to answer questions about how you would resolve project issues of any size, incorporate the company's business needs into the decisions made in each project, and review projects to determine how you the company can improve from them."
Suppose you are working on a project with an original scope of a few months and you are told that you instead now have a few days -- how would you handle it?
Assuming the scope reduction is feasible, I would toss out everything except the highest priority deliverable.
As long as the project is on track and I am in day >55, I'd say; " No issue."
I would say evaluate the overall impacts and risks then communicate it with your sponsor (customer). Let he/she to decide then document it.