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A work breakdown structure (WBS) is a crucial project management tool that helps to decompose a project into smaller, manageable components. This hierarchical structure breaks down large and complex projects into more easily understandable segments, known as work packages. Each segment represents a piece of the overall project, making it easier for teams to plan, execute, monitor, and control project tasks.

By breaking the project into smaller parts, teams can assign specific responsibilities, estimate resources and time required for each component, and establish a clear outline of the project scope. This clarity is essential for effective project management, as it allows for better tracking of progress and easier identification of potential risks and issues.

In contrast, the other options present functions not directly associated with the WBS. For example, summarizing the project budget pertains to financial planning rather than structural organization. Outlining stakeholders and forecasting completion dates are related to stakeholder management and project scheduling, respectively, rather than the structural breakdown of project tasks. Thus, the essential role of a WBS is to facilitate a clear division of work, enabling better management and successful project completion.