IIS does not list a web site that matches the launched URL?

For the second time in as many weeks I was caught out by the following error message;

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Microsoft Visual Studio
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Unable to start debugging on the web server. IIS does not list a web site that matches the launched URL.

Click Help for more information.
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OK   Help  
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Probably like many other developers I do not have the time to track down the specific nature of the necessary security requirements. So my advice…start Visual Studio as Administrator. Yes I know it’s naughty, but life’s too short.