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This assignment is NO less than 3 pages of content. APA formatting with citations and reference page. 12 pt font; double- space.

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 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

2. Earned-value analysis. A project budget calls for the following expenditures:

Task Date Budgeted Amount

Build forms April 1 $10,000

April 1 $50,000

Pour foundation May 1 $100,000

May 1 $30,000

Frame walls 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)

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 Everything else is on schedule.

SV as of May

Actual cost as of May 1 is $160,000. Calculate the cost variance (CV) as of May

Schedule performance index (SPI)

Cost performance index (CPI)

Estimate to complete (ETC), assuming that the previous cost variances will not affect future costs

Estimate at completion (EAC)


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