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A typical project manager will have a methodology template in mind; a definite team consisting of regular staff with regular pay; and an estimate of required equipment and supplies. This approach will already have an established costing.

However, this same approach will only be effective for similar projects with the same methodology and the same situational conditions. In short, this is applicable for almost the same projects that have already been undertaken in the past.

So, how can project managers address projects that may have similarities with previous projects but have distinct differences that can significantly affect finance?

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