Case Study

THE ALASKAN GOLD MINE

Student I.D/

PART I

You have taken a three-month option on a possible gold mine in Alaska. It took you two months of dangerous journey to get there. In two weeks of exploration (and recuperation) you have regained your health, except for your injured left hand, which sometimes can become suddenly quite weak. In the last 24 hours, you have finally discovered gold in what appears to be good quantity. You have exactly two weeks to get to the claims office. If you arrive late, and attempt to secure the property (with the owners knowing you have visited it), there will probably be an auction at which you could be easily out-bid, given your limited resources. Here are your alternatives:

1. Wait 3‑4 weeks until the weather warms up and enjoy a safe trip home.

2. Go over the mountains. This is dangerous. It is sometimes impassable. It is quick, if you can make it without harm: 7‑10 days. If you encounter storms or injury, you will probably have to turn back or perish, as the longest part of the journey is on the way over the top.

3. Go through the valley passes. This is less dangerous and is usually passable. It is slow and tiring. You can probably make it in 2 to 3 weeks.

The weather is only moderately favorable, with what may be a mountain storm brewing. You will know if it is a storm within 48 hours, and whether the mountain is passable (if the storm comes) about one day later.

4. Wait 2-3 days, take #2 weather permitting; if not, take #3. (There is no advantage to waiting if you prefer #3 anyway, and waiting to take #1 = #1.)

What do you do? (Circle your answer) #1 #2 #3 #4

THE ALASKAN GOLD MINE

PART II

Assume you chose the valley passes (#3). Five days later you are halfway there. You have pushed too hard and sprained your ankle. Pat, an old friend on a trapping expedition comes along and takes you to a cabin. Pat could get to the claims office town, and offers to take you. Travelling together, it might take 10 to 14 more days to get there.

If you tell Pat and make a deal, Pat alone could get there in about 8 to 9 days. If you were well, you could do it easily in 7 days, but you presently cannot make it without a few days rest and then 10 days to 2 weeks of travel.

You are not sure whether Pat can exercise the option and file the claim correctly, because Pat is not too bright, tends to drink to excess, and is not the single-minded hustler that you are. Pat is a simple, decent old friend who likes trapping, but would, you suspect, both need and desire financial independence. You think you can trust Pat if you offer to split 50:50, since your expertise and help would be needed to capitalize on the discovery.

What is your decision? Go with Pat _______

Go it alone _______

Send Pat _______

Explain and detail your best strategy for success and how you plan to do it?

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