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- Wedding cost estimation: Given the following information, calculate the estimated costs for a wedding with 250 guests and a bridal party of six, using the methods indicated. Show your
work. Note that members of the bridal party are already counted as guests, you don’t need to add them twice.
- Parametric estimate
- Bottom-up estimate
- Analogous cost estimate
- You will probably notice some differences in the estimated values. Are these differences significant? What might cause the differences? If you were estimating a significant project in the future, which method(s) would you use and why?
- Your mother points out you should probably have valet parking, which will cost $500. Which estimate(s) will change?
| Wedding Cost Estimates | |
|---|---|
| Item | Dollars |
| Groom's brother's wedding, last year, 175 guests, similar venue and style | $20,300 |
| Catering | $65 per person |
| Photographer | $1,500 |
| Rental of hall | $500 |
| Clothing, bride | $2,000 |
| Clothing, groom | $750 |
| Flowers | $800 |
| Other decor items | $500 |
| Cake | $500 |
| Gifts for bridal party | $80 each |
| Wedding planner | $2,000 |
| Wedding planner's estimate of typical cost of this kind of wedding | $10,000 plus $75 per guest |
2. Earned-value analysis. A project budget calls for the following expenditures:
| Task | Date | Budgeted Amount |
|---|---|---|
| Build forms | April 1 | $10,000 |
| Pour foundation | April 1 | $50,000 |
| May 1 | $100,000 | |
| Frame walls | May 1 | $30,000 |
| June 1 | $30,000 | |
| Remaining tasks | July 1 and beyond | $500,000 |
Define each term in your own words, calculate these values for the above project, and show your work:
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