Explanation
Analogous estimating is a technique that uses historical data from similar projects to estimate the cost of the current project1. It is a fast and easy method, but it is also less accurate and reliable2. Bottom-up estimating is a technique that involves estimating the cost of individual work packages or activities and then aggregating them to get the total project cost1. It is a more accurate and reliable method, but it also requires more time and resources2. To avoid the problem of underestimating the project cost, the project manager should have used bottom-up estimating instead of analogous estimating. This would have provided a more realistic and detailed cost baseline for the project. Utilizing three-point estimates (B) or validating the SPI (D) are techniques that can help improve the accuracy and reliability of cost estimates, but they are not alternatives to choosing the appropriate estimating method. Including lessons learned from past projects is a good practice that can help avoid common pitfalls and errors in cost estimation, but it does not guarantee the accuracy and reliability of the estimates. References: 1: PMBOK Guide, 6th Edition, pp. 234-2392: Top 60+ PMP Exam Questions and Answers for 2023 - KnowledgeHut