Cumberlands University Budgeted Cost Task
Description
project budget calls for the following expenditures:
Task, Date, and Budgeted Amount are given below:
Build forms, April 1, $10,000
Pour foundation, April 1, $50,000, and May 1 $100,000 (2 dates)
Frame walls, May 1, $30,000, and June 1, $30,000 (2 dates)
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:
a. Budgeted cost baseline (make a graph illustrating this one)
b) Budget at completion (BAC)
c) Planned value (PV) as of May 1
d) Earned value (EV) as of May 1 if the foundation work is only two-thirds complete. Everything else is on schedule.
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 dont 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?
Wedding Cost Estimates
Item
Dollars
Grooms brothers 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 planners estimate of typical cost for this kind of wedding
$10,000 plus $75 per guest