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...

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