Mandatory Items Architect $27,000 $40,000 $51,000 Bath Fixtures $7,000 $8,000 $1
ID: 3050752 • Letter: M
Question
Mandatory Items
Architect
$27,000
$40,000
$51,000
Bath Fixtures
$7,000
$8,000
$12,000
Built-in Appliances
$1,600
$2,000
$3,500
Cabinets
$5,000
$6,000
$10,000
Carpeting
$4,000
$5,000
$7,000
Doors
$3,500
$4,000
$8,000
Excavation
$2,500
$2,500
$5,000
Finish Carpentry
$7,000
$7,500
$10,000
Finish Hardware
$1,250
$1,500
$2,000
Foundation
$22,000
$25,000
$30,000
Garage Doors
$2,700
$3,000
$4,500
Gas Fireplaces
$1,700
$2,000
$3,000
General Contractor
$30,000
$40,000
$55,000
Heating and Cooling
$10,000
$12,000
$15,000
Insulation
$3,750
$4,000
$5,500
Painting
$2,750
$3,000
$4,500
Plumbing
$6,200
$7,000
$8,500
Roofing
$11,500
$12,000
$15,000
Rough Carpentry
$110,000
$120,000
$150,000
Windows
$18,500
$20,000
$27,000
Wiring
$6,000
$6,500
$8,500
Optional Items
Countertops
$4,000
$6,000
$9,000
Flooring
$9,000
$10,000
$13,000
Lighting Fixtures
$2,750
$3,000
$6,000
Mandatory Items
Architect
$27,000
$40,000
$51,000
Bath Fixtures
$7,000
$8,000
$12,000
Built-in Appliances
$1,600
$2,000
$3,500
Cabinets
$5,000
$6,000
$10,000
Carpeting
$4,000
$5,000
$7,000
Doors
$3,500
$4,000
$8,000
Excavation
$2,500
$2,500
$5,000
Finish Carpentry
$7,000
$7,500
$10,000
Finish Hardware
$1,250
$1,500
$2,000
Foundation
$22,000
$25,000
$30,000
Garage Doors
$2,700
$3,000
$4,500
Gas Fireplaces
$1,700
$2,000
$3,000
General Contractor
$30,000
$40,000
$55,000
Heating and Cooling
$10,000
$12,000
$15,000
Insulation
$3,750
$4,000
$5,500
Painting
$2,750
$3,000
$4,500
Plumbing
$6,200
$7,000
$8,500
Roofing
$11,500
$12,000
$15,000
Rough Carpentry
$110,000
$120,000
$150,000
Windows
$18,500
$20,000
$27,000
Wiring
$6,000
$6,500
$8,500
Optional Items
Countertops
$4,000
$6,000
$9,000
Flooring
$9,000
$10,000
$13,000
Lighting Fixtures
$2,750
$3,000
$6,000
The Smith family wishesto build a new home on a budget of $50.00, and has received estimates for each of the construction components from the General Contractor, as given in the table on the following page. Create a simulated model of the construction costs, and use it to answer the questions below Submit both a word document with the answers and a supporting Excel file. 1) Based on the most likely cost estimates, what is the expected cost of the building the house, and how does it compare to the budget? 2) Simulate the cost of building the house in Risk or similar software. What is the expected cost of building the house using this method? How do you reconcile any differences between this and your answer to #1? Do not just describe the difference in methods, explain why the results are different. 3) What are the minimum and maximum amounts the Smiths can expect to spend on the house? Assuming that the Smiths want to be 90% certain the cost of the home will not exceed $375,000, which of the optional features should they include? 4)Explanation / Answer
Competitive srtategy can be defined as the long term action plan which can be prepared by an organization to gain sustainable competitive advantage over its competitors after examing the strengths and weaknesses of their copmetitors and comparing them to its own. these are the strategies by which a company gets a strong position i the industry over its competitors and it gives the company a strong competitive advantage ( a leverage that an organization has over thier competitors).
Essence of competitive strategy is the formation of a relation between an organization and the environment under which a company is working. there is a lot of competition in any industry and the intensity of competition depends upon the economic structure of the organization. according to Micheal Porter the state of competition depends on basically five competitive forces such as power of suppliers, power of customers, potential of new entrants in the industry, competition in the industry and threats of substitute products. these forces have ability to determine the profit potential in the industry which is measured in long run return on investment. all industries do not have the same potential because the strength of competitive forces in each industry is different.
goal of the competitive strategy is to find that position in the industry at which company is able to defend itself against these five forces and make them into its favour. it is very difficult for any company to survive in the industry without opting competitive strategies specially when the company is contending overflowing with alternative. whwn a competitive startegy is to made then there is a lot of question in the mind such as
1. what is the reason for the existence of an organization.
2. what are the core compentencies of an organization.
3. what is the primary method of growth.
4. what are the priorities of the organization' products and services.
5. what are the objectives of the organization.
6. what obstacles are facing by the organization to attain the objective.
7. what strategic approach is used by organization to avoid that obstacles.
8. what is the scope of organization' products and services.
on the basis of answers of the above questions, competitive strategy is to be made for getting competitive advantage over their competitors. while making competitive strategy,
1. organization should study the annual report of their rivals which gives a clue about rival plans and strategies.
2. organization should persue the trade journals of their rivals which gives information about their rival's achievement and success.
3. organization should use online tools to find out rival's chief words and the numbers of visitors of their websites.
competitive stratagies includes differentiation, cost focus, cost leadreship, differentiation focus, operational excellence, product leadreship, customer intimacy.
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