Parametric Estimate
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.1. Parametric estimate2. Bottom-up estimate3. Analogous cost estimate4. 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?For more information on Parametric Estimate check on:https://en.wikipedia.org/wiki/Parametric_statistics
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