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What assumptions go into preparing a budget for a New York Fashion Week show?

Explore the key assumptions involved in budgeting for a Fashion Week show in New York City, utilizing cost estimates for elements like rent, hair and makeup, stylists, and more. Compare your show's budget to a classmate's, analyzing the differing assumptions. Learn more at the Accounting in the Headlines blog. Contact Dr. Wendy Tietz for inquiries.

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What assumptions go into preparing a budget for a New York Fashion Week show?

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  1. What assumptions go into preparing a budget for a New York Fashion Week show? Original blog posting (October 4, 2013)

  2. Estimates of the various costs associated with putting on a show during New York Fashion Week: • Rent $0 to $100,000 • Hair and makeup: $0 to $100,000 • Stylist: $5,000 to $20,000 • Public relations: $10,000 to $20,000 • Models: $0 to $200,000 • Lighting: $10,000 and higher • Invitations: $5,000 and higher

  3. Requirement 1 Prepare a budget for an imaginary fashion show at New York Fashion Week.  Select an estimate for each cost within the range given.  Justify each estimate by describing the assumptions you are making about your imaginary fashion show.  You can refer to the original article in Business Insider for additional information about the costs. 

  4. Requirement 2 How much is your imaginary show budgeted to cost?  Compare the budgeted cost of your imaginary show to the budgeted cost of another student in the class.  What assumptions differed between you and the other student?

  5. Requirement Recap • Prepare a budget for an imaginary fashion show at New York Fashion Week.  Select an estimate for each cost within the range given.  Justify each estimate by describing the assumptions you are making about your imaginary fashion show.  You can refer to the original article in Business Insider for additional information about the costs.  • How much is your imaginary show budgeted to cost?  Compare the budgeted cost of your imaginary show to the budgeted cost of another student in the class.  What assumptions differed between you and the other student?

  6. For additional news stories to use in the accounting classroom, see the Accounting in the Headlines blog at http://accountingintheheadlines.com/Related video resources can be found at http://www.youtube.com/user/accountingheadlinesQuestions or comments? Contact Dr. Wendy Tietz at wtietz@kent.edu

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