If a project manager is using a similar,past project as a basis to estimate costs for a new project,he or she is utilizing analogous estimating.

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This statement is correct. Analogous estimating involves using similar past projects as a basis for estimating costs for a new project. It is a top-down approach in which the project manager makes an educated guess based on previous experience or knowledge.

If a Project Manager Is Using a Similar,past Project as a Basis