Given the following information, calculate the estimated costs for a wedding with 250 guests and a bridal party of six, using the methods indicated.
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?
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 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
Earned-value analysis. Project budget calls for the following expenditures:
Task Date Budgeted Amount
Build forms April 1 $10,000
Pour foundation April 1 $50,000
May 1 $100,000
Frame walls May 1 $30,000
June 1 $30,000
Remaining tasks July 1 and beyond $500,000
Define each term in your own words, calculate these values for the above project, and show your work:
Budgeted cost baseline (make a graph illustrating this one, you can use Excel)
Budget at completion (BAC)
Planned value (PV) as of May 1
Earned value (EV) as of May 1 if the foundation work is only two-thirds complete. Everything else is on schedule.
SV as of May 1.
Actual cost as of May 1 is $160,000. Calculate the cost variance (CV) as of May 1.
Schedule performance index (SPI)
Cost performance index (CPI)
Estimate to Complete (ETC), assuming that the previous cost variances will not affect futufstre costs
Estimate at completion (EAC)
Answer preview given the following information, calculate the estimated costs for a wedding with 250 guests and a bridal party of six, using the methods indicated.
APA
321 words