problem 11

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Problem Set #11

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.

  1. Parametric estimate
  2. Bottom-up estimate
  3. Analogous cost estimate
  4. 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?
  5. 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 décor items

$500

Cake

$500

Gifts for bridal party

$80 each

Wedding planner

$2,000

Wedding planner’s estimate of typical cost for this kind of wedding

$10,000 plus $75 per guest

Note:

1.Every paper typed in this course should be in APA formatting (title page, reference page, NO abstract page, in-text citations, running head, page numbers, Times New Roman 12 font, 1 inch margins, double-spacing, etc…).

2.References (this does not count toward the required paper length).

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