Question: Question 2 PLEASE SOLVE USING ALL FOUR METHODS Wedding cost estimation: Given the following information, calculate the estimated costs for a wedding with 250 guests
Question 2
PLEASE SOLVE USING ALL FOUR METHODS
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 dont 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?
| Wedding Cost Estimates | |
| Item | Dollars |
| Grooms brothers 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 dcor items | $500 |
| Cake | $500 |
| Gifts for bridal party | $80 each |
| Wedding planner | $2,000 |
| Wedding planners estimate of typical cost for this kind of wedding | $10,000 plus $75 per guest |
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