Alaska Gold Mine

Visit Alaska Gold Mine Part 1 and answer of Part 1, then read the Alaska Gold Mine part 2 and answer the following questions.What was your choice? Explain the rationale. (5 points)How are you going to implement the plan? Please try to be specific and detailed. (5 points)
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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?
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
Authored and copyrighted by Jeffrey Barach, Graduate School of Business, Tulane, University, New Orleans, LA. 1977.
THE ALASKAN GOLD MINE
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
Authored and copyrighted by Jeffrey Barach, Graduate School of Business, Tulane, University, New Orleans, LA. 1977.
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?
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
Authored and copyrighted by Jeffrey Barach, Graduate School of Business, Tulane, University, New Orleans, LA. 1977.

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