BADM 633 University of the Cumberlands Parametric and Analogous Estimate Paper Instructions 300+ words APA format (including Times New Roman with font si

BADM 633 University of the Cumberlands Parametric and Analogous Estimate Paper Instructions

300+ words APA format (including Times New Roman with font size 12 and double spaced)

Course Text book for reference only:

Books and Resources

Required Text(s):

Watt, A. (2019). Project Management, 2nd Edition. BCcampus Open Education.

Suggested Text (s): N/A

Project Assignment

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.

Analogous cost estimate
Parametric estimate
Bottom-up 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