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Using an <u>ANALOGOUS</u> approach to developing cost estimates requires a good deal of expert judgment and is generally less costly than others, but it can also be less accurate.
For example, when a project manager develops a WBS by analyzing a similar project, then they are using the analogy or analogous approach.
Work Breakdown Structure or WBS is the basis for some projects' cost estimates if there's a plan to create a cost baseline and then use earned value management as part of monitoring and controlling costs. In project management, it is also a deliverable-oriented grouping of the work involved in a project that defines the total scope of the project, and it is often depicted in a graphical format like an organizational chart.
Unfortunately, analogous approach for WBS could be less accurate although it is generally less costly than other approaches.
Read about lowest level of each branch of Work Breakdown Structure here: brainly.com/question/28097734
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