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.