The Smith family wishes to build a new home on a budget of $320,000, and has received estimates for each of the construction components from the General Contractor, as given in the table on the attached document file. Please share the simulation screenshots of your simulation output graphs from @Risk:

1. Simulate the cost of building the house in @Risk or similar software. What is the expected cost of building the house using this method? Which should the Smith family use to make a decision? Do not just describe the difference in methods, explain why the results are different (hint: is it ALWAYS the case that the results will be different?). Screen shots

3:27 Pulse X Read Only - Save a copy to edit. Save a copy 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 $90,000 $100,000 $130,000 Windows $16,000 $17,000 $20,000 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