The Alaskan Gold Mine Essay

1294 Words May 27th, 2011 6 Pages
Problem Statement:
I have been given a three month option on a possible gold mine in Alaska and after spending two and a half months I have been able to discover a gold mine. Now, my concern is to identify the best possible strategy to reach the claims office in 2 weeks considering the risks of losing the gold mine and life because of the unfavourable weather conditions.
Analysis of Issue and Areas of consideration:
Claiming the gold mine within two weeks is my priority. However, there are some life threatening risks because of the unpredictable weather conditions. Thus, I need to analyze the probabilities of various risks and choose the one which helps me reach the claims office within 2 weeks and poses minimum risk to my life. Main
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Alternative courses of action which can be taken by me are:-
Alternative-1: Wait for three to four weeks until the weather warms up and return home safely
Alternative-2: Take the mountain route which is dangerous and sometimes impassable but quick route: It will help me reach the claims office within time. This option assumes that I neither encounter a mountain storm nor get injured again in any way.
Alternative-3: Take the valley route which is less dangerous and usually passable and will help me reach the claims office in two to three weeks
Alternative-4: Wait for two to four days and take Alternative 2 if the weather permits: Still another option would be to wait for two to four days and take Alternative 2 if the weather permits. In case the storm comes, I will go with Alternative 3.
Evaluation of Alternatives/Recommendations:
Alternative 1: This alternative involves zero risk to my life but I will not be able to claim the gold mine since I will miss on the deadline of reaching the claims office. (Refer Exhibit 2)
Alternative 2: This alternative is quick and will help me reach the claims office within deadline. But, if I encounter a mountain storm or get injured during my journey to the top, this would mean a big risk to my life and would further result in the loss of gold mine. (Refer Exhibit 2)
Alternative 3: This alternative

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