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UC Project Risk Quality Management Wedding Cost Estimation Report

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 don’t need to add them twice.

  1. Parametric estimate
  2. Bottom-up estimate
  3. Analogous cost estimate
  4. 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

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 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


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