Project Costs

Substantially all projects involve a cost. Traditionally, costs are considered one of the three primary constraints of any project, together with time and scope. Therefore, the project management team needs to determine the project costs, create a suitable budget to allocate the appropriate resources, and manage the budget to ensure value maximization while minimizing costs (Gratton & Gratton,2020). Project costs are the total funds needed to complete the wedding project, and consists of direct and indirect costs. It involves all expenditures made or estimated to complete the project. Principally, all the monetary obligation incurred and expected to occur to facilitate the wedding in downtown Chicago comprises the project costs.

Objective

No project can start without a budget. Its success is determined by the wellness of how the costs have been handled in the project. In some cases, the plans are not completed within the required time, leading to project failure. Hence, it is crucial for the wedding at downtown project managers’ to come up with the correct cost estimates needed for the project. Also, accurate and precise cost assumption is vital in the development of the short-term and long-term budget for the project (Sutawidjaya & Nawangsari, 2020). The project seeks to plan a wedding of a total project cost of $30,000 for the 250+ guests.

Wedding at Chicago Downtowns Costs

The wedding will likely incur costs to achieve its completion, both direct and indirect expenses. Direct costs include all the expenses that are directly visible and accountable to the wedding required output. In contrast, incidental expenses consist of fees that do not directly contribute or specific the project output. The possible costs associated with the Wedding ant Chicago downtown include the following.

Ceremony Costs

Includes the costs incurred to gain the location or the place where the wedding will take place. The site can be in the church or the civil. The costs comprise of the notice fee which is the cost of notifying the intention to marry, ceremony fees referring to the booking fees, and the ceremony music that can be choir or soloist or string quartet

Flowers Costs

The cost incurred in the acquisition of the florist to beautify the wedding venue. The prices include the fees to acquire the bride’s bouquets, bride maids’ corsages, ceremony flowers, and reception flowers.  Flowers are essential to the wedding as they help bring the wedding design together.

Reception Costs

One of the most critical decisions in planning for an event is choosing a wedding venue. There are a lot of wedding venues to choose from, from ballrooms to barns. Likely one will spend a large portion of the budget on the venue costs. Half of couple total budget is used in financing venue costs, catering, and rentals. The average revenue cost in the United States is between $3000 and $11000, depending on the place. In Chicago downtown, wedding costs include venue hire, reception canapés, reception drinks, wedding meal, drinks, evening meals, wedding cake, and table décor nonfloral and other decors

Entertainment Costs

Dreams are everything when it comes to one’s wedding, and prices are always meaningless. Entertainment costs include expenses incurred to give pleasure and delight during the wedding session. A variety of entertainments are availed because people have different preferences in entertainment; hence most are recognizable and familiar. Some of the costs associated include reception magician, dinner background music, evening band, DJ, and additional nonmusical entertainment like fireworks.

Transport Costs

Includes all costs incurred in the movement of people and materials to different places to facilitate the wedding ceremony. Booking wedding transportation is vital for a variety of facts. It ensures you and the guests reach the venue in time and safely. Transportation costs vary from place to place, type of vehicles, and the average number of hours taken in the service. The average transportation costs in the United States are about $7,500; however, it has increased over the years. In the Chicago downtown wedding, the transportation costs include bridal transport, grooms transport, bride and groom to reception, maid and best men transport, and guest transport.

Fashion Costs

Buying a wedding dress is different from purchasing a piece of everyday attire. You will wear the wedding dress in one of the most important days of your life hence need to spend a relatively large amount of money on it. Fashion costs comprise all costs incurred in the acquisition of fashion items for the wedding. They include brides dress, bride accessories, bride maids outfit, braids maids accessories, grooms attire, grooms men’s attire, and the wedding rings.

Hair and Beauty Costs

 Everyone would like to look best during her wedding day. It is essential to ensure to entrust your hair and makeups to the professionals. Therefore, all the costs incurred in achieving such quality comprise the beauty and hair cost and include hair for the bride, bridesmaids, and the bride’s mothers and make for the bride, bridesmaids and the bride’s mother.

Stationary Costs

 Includes expenses incurred in the acquisition of writing materials envelops etc. refers to supporting activities costs to facilitate smooth planning of the wedding process and includes invites, postages, RSVP’s menus, place cards, table plans, tables numbers, and vote of thanks.

Remaining Suppliers’ Costs

 Includes costs of activities designed to facilitate and implement the wedding requirements. Such charges include the photographer costs, videographer, wedding planner wedding stylist, and the crèche service cots

Gifts Cost

Gift cost Comprises of the expense incurred in the purchase of the wedding gifts. Even if the couples are paying for the gifts, it essential to give gifts to both parents because parents put a lot to bring up their children. Other wedding gift costs include the award for the bride, groom, bridesmaids, groomsmen, and favored guests. Gifts are vital as they show a sense of love from the individual giving out. Also, it shows the happiness and support to the newly wedded couples

Miscellaneous Costs

Includes all costs incurred that are indirectly related to the cost of implementing wedding projects. It comprises of accommodation night before and on the night of the wedding, hen night stag night, honeymoon wedding insurance and contingency expense.

Therefore, it is crucial to be conversant of all costs that an event is likely to incur as it helps reduce the costs of overriding the budget and spending the money that we do not have. Also, it reduces the likeliness of the failure of the occurrence of the project event. 

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References

Gratton, P., & Gratton, G. (2020). The Project Plan. In Achieving Success with the Engineering Dissertation (pp. 67-94). Springer, Cham.

Sutawidjaya, A. H., & Nawangsari, L. C. (2020). Integrated Project Management Planning and Event Management in the Service Industry. In 4th International Conference on Management, Economics, and Business (ICMEB 2019) (pp. 58-62). Atlantis Press.