Please write neatly. Will thumbs up if correct. You want to build your first home in the Houston area. You make a list of the attributes you want in this house: at least 2,000 square feet of living space; two full bathrooms, a two-car garage, no basement, and a fireplace. You can choose any construction class that you desire (economy, average, or custom). You can also choose either a 1 or 2 story home. Given the hot humid weather, you must have air conditioning. Finally, you want 250 linear feet of fence to enclose the back yard. You must select at least 20 windows (containing at least two bay windows, a skylight, and at least three other different sized windows). You must select the appropriate cabinets for the kitchen and bathroom. You must also include the appliances. Finally, you may include any additional items that you would like in your home (porch, smoke detectors, seeding, sprinkler system, sidewalk, etc.).An additional cost of this project is the purchase of the land for your house. For your analysis, assume that the cost of the land will be 25% of the construction cost of the house.You decide that the largest construction loan you can afford is $250,000, so your cost estimate must be below that amount.a) Prepare a scope of work (list of items to be included in the house).b) Show your calculations using the square footage cost estimation method. Make sure that you clearly show all of your assumptions. (Table format is great).c) Explain any decisions or tradeoffs that you had to make in order to meet the budgetary constraints.

Building a first home is an exciting but difficult endeavor, especially when there are tight requirements and a limited budget. In this instance, constructing a house in the Houston region with a wish list of features is the objective. A minimum of 2,000 square feet of living space, two complete bathrooms, a two-car garage, air conditioning, a fireplace, and a fenced backyard are among these requirements. Appliances, cabinets in the kitchen and bathroom, and certain window requirements are additional crucial components. There are options for the construction class, number of stories, and additional features like a sidewalk, smoke detectors, porches, sprinkler systems, and seeding. The cost of land, which is estimated to be 25% of the construction cost, is a significant additional expense.a) Scope of work (list of items to be included in the house)At least 2,000 square feet of living spaceTwo full bathroomsTwo-car garageFireplaceAir conditioning250 linear feet of fence to enclose the back yardAt least 20 windows, including two bay windows, a skylight, and at least three other different sized windowsCabinets for the kitchen and bathroomAppliancesAssumptions:Average cost per square foot for a home in Houston: $100 (This is a rough estimate and may vary based on the factors mentioned above)Cost of additional features (windows, cabinets, appliances, etc.): 20% of the total construction cost (again, this is a rough estimate)Land cost: 25% of the construction costCalculations:Basic construction cost = 2000 sq ft * 100/sqft=200,000Additional features cost = 200,000∗2040,000Total construction cost = Basic construction cost + Additional features cost = 200,000+40,000 = $240,000Land cost = 240,000∗2560,000Total cost = Total construction cost + Land cost = 240,000+60,000 = $300,000Given that the total cost exceeds the budget of $250,000, some trade-offs and decisions need to be made:Construction Class: Opting for economy class construction could reduce the cost per square foot, bringing down the overall cost.Additional Features: Reducing the number of windows or choosing less expensive cabinets and appliances could also lower costs.Land Cost: Finding a cheaper plot of land could potentially reduce the overall cost.Other amenities: Reducing or eliminating some of the additional items like porch, seeding, sprinkler system, sidewalk, etc., can also help to stay within budget.By breaking down the costs, it's clear that the initial plan for this Houston area home exceeds the budget. However, several strategic adjustments could bring the project within the loan limit of $250,000. Choices like opting for an economy construction class, reducing the number of windows or choosing less expensive cabinets and appliances, or finding a cheaper plot of land could potentially decrease costs.

Business

Operations Management

You decide that the largest construction loan you can afford is $250,000, so your cost estimate must be below that amount. a) Prepare a scope of work (list of items to be included in the house) b) Show your calculations using the square footage cost estimation method. Make sure that you clearly show all of your assumptions. (Table format is great) c) Explain any decisions or tradeoffs that you had to make in order to meet the budgetary constraints.

You decide that the largest construction loan you can afford is $250,000, so your cost estimate must be below that amount. a) Prepare a scope of work (list of items to be included in the house) b) Show your calculations using the square footage cost estimation method. Make sure that you clearly show all of your assumptions. (Table format is great) c) Explain any decisions or tradeoffs that you had to make in order to meet the budgetary constraints.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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