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 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?

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