The agile approach that is described in the given example is called; Scrum
Agile Approach in Project Planning
The correct approach described in the example is called "Scrum Approach". This is because Scrum approach is an agile development methodology that is utilized in the development of software's based on an iterative and incremental processes.
Now, the benefits of the Scrum approach is that it is adaptable, fast, flexible and effective agile framework that is designed to deliver value to the customers throughout the development of the project.
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