Invisible goldmine strategy

Read the handout "Alaska Gold Mine: Part 1" and select one of the four alternatives.

What was your choice? Explain the rationale of your choice. (5 points)
According to the model of strategic planning, strategy formulation involves the steps of selecting company goals, analyzing the external and internal environments, and choosing a strategy. How did your choice reflect these steps? (5 points)

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,