To understand and apply the processes of cost estimating and budgeting

| March 29, 2017

Aim of Assignment:

To understand and apply the processes of cost estimating and budgeting

SCOPE

A 23 year old daughter is engaged to be married and has set a tentative wedding date of 18 October 2015. The couple have chosen Bali as their preferred wedding destination and the parents have offered to cover the travel and accommodation expenses of 40 friends and family who will be invited to the wedding as well as the wedding day celebrations.

The parents have set the happy couple the following parameters:

· Wedding celebration to be fully catered including entertainment at a 5 Star resort

· 8 guests are from the UK, 6 from USA, 16 from Perth and 10 from Sydney

· Travel to be economy class return including transfers

· Accommodation at 4 Star resorts for 7 days bed and breakfast

BUDGET

You have been engaged by the bride’s parents (sponsors) to produce a fully costed budget as a formal professional document

Your submission must contain the following sections:

1. introduction executive summary, scope, assumptions, exclusions, etc

2. Detailed budget showing all costs. For each cost you need to fully explain:

a.How the costs were calculated (including any necessary calculations required to arrive at the cost)NOTE: do not directly contact any organisation in doing this assignment

b.Sources of information for each cost element including a clear and full explanation of the scope of each item (ie quantity, type, cost etc) (All sources of cost information must be referenced both in-text and in a reference list at the end of the report.

3. Detailed cashflow, based on the costs in, 2 when each cost will be incurred, with explanations for the timing of each cashflow

4. Accuracy. The sponsor is concerned that the final actual cost may exceed the budget. Highlight one of cost items that you feel has the greatest uncertainty/inaccuracy. Explain why the cost is uncertain and what might be done to ensure this cost can be contained.

Presentation (10 marks)

10 Marks will also be awarded for the quality of presentation comprising appropriate layout, neatness of work and appropriate referencing for sources of data.

Format

The assignment mustbe typed on A4paper(using one side only of each A4 sheet of paper)in double space typing and presented witha cover sheetsetting out yourname,lecturer’s name,unittitle and the topic of the assignment. The cash flow can be in the form of an spreadsheet embedded in the assignment.All pages should be numbered. All assignments must be thoroughlychecked fortyping,spelling and grammatical errors beforebeing submitted.

Dates

Date given & due – see unit outline

Students must submit their assignments electronically (using Turnitin in Blackboard) before 5:00pm (perth time) submission date shown in unit outline. Please combine your work into one computer file (i.e. embedding all spreadsheets, attachments into the document) and make sure it is correctly labelled showing your Last Name-ID-Assessment Title (ie. PCM642-Smith-12345678-assignment1)

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