This document discusses approaches to achieving competitive advantage for construction companies using a resource-based and capabilities approach. It outlines key theories on competitive advantage including resource-based view (RBV), dynamic capabilities framework, and the VRIO framework. It argues that construction companies need to build valuable, rare, inimitable, and organized (VRIO) resources and capabilities to achieve competitive advantage and better economic performance. This includes capabilities in sensing opportunities, seizing opportunities, and transforming to manage threats.