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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
- 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 Show your work. Note that members of the bridal party are already counted as guests, you don't 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?
- 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 dcor 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 |
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