Problem Set #11Wedding cost estimation: Given the following

Problem Set #11Wedding 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 estimateBottom-up estimateAnalogous cost estimateYou 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 EstimatesItemDollarsGroom’s brother’s wedding, last year, 175 guests, similar venue and style$20,300Catering$65 per personPhotographer$1,500Rental of hall$500Clothing, bride$2,000Clothing, groom$750Flowers$800Other décor items$500Cake$500Gifts for bridal party$80 eachWedding planner$2,000Wedding planner’s estimate of typical cost for this kind of wedding$10,000 plus $75 per guestNote:1.Every paper typed in this course should be in APA formatting (title page, reference page, NO abstract page, in-text citations, running head, page numbers, Times New Roman 12 font, 1 inch margins, double-spacing, etc…).2.References (this does not count toward the required paper length).