cost management

A 23 year old daughter is engaged to be married and has set a tentative wedding date of 18 July 2015. The couple have chosen Singapore 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.