Calculated parametric estimate and analogous cost estimate

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Reference no: EM131255184

Given the following information, calculate the bottom-up 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.

a) If you had calculated Parametric estimate and Analogous cost estimate, would there have been some differences in the estimated values? Would these differences be significant? What might cause the differences? If you were estimating a significant project in the future, which method(s) would you use and why?

b) Your mother points out you should probably have valet parking, which will cost $500. Which estimate(s) will change?

Wedding Cost Estimates:

Groom’s brother’s wedding, last year, 175guests, 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.

Reference no: EM131255184

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