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. 1.Parametric estimate 2.Bottom-up estimate 3.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