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.
- 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?
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Wedding Cost Estimates |
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Item |
Dollars |
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Groom’s brother’s wedding, last year, 175 guests, similar venue and style |
$20,300 |
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Catering |
$65 per person |
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Photographer |
$1,500 |
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Rental of hall |
$500 |
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Clothing, bride |
$2,000 |
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Clothing, groom |
$750 |
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Flowers |
$800 |
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Other décor items |
$500 |
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Cake |
$500 |
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Gifts for bridal party |
$80 each |
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Wedding planner |
$2,000 |
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Wedding planner’s estimate of typical cost for this kind of wedding |
$10,000 plus $75 per guest |
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