UC Project Risk Quality Management Wedding Cost Estimation Report
Question Description
I’m working on a business Other and need an explanation to help me study.
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 décor 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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