The Alaskan Gold Mine free essay sample

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 factors which I thus need to consider are:- 1. Time constraint to reach the claims office non conformance to which could probably result in auction of the gold mine which would be difficult for me to outbid. We will write a custom essay sample on The Alaskan Gold Mine or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 2. Going over the mountains for reaching the claims office quickly is a dangerous route which could cost me my life in case of any storm. Hence, it would result in the loss of the gold mine. 3. My left hand is injured. Thus, if I choose a dangerous route, I run into the risk of getting injured again which would worsen my condition. Also, the injury makes me weak sometimes which will slow down my pace during return. 4. Mountain storm cannot be predicted immediately. Waiting for forecast would cost a 3 day delay. 5.I have spent a lot of time, money and effort to uncover this gold mine. If I am not able to claim the same, it would be an expensive deal with no returns. Assumptions: Some of the assumptions which I have taken to come up with alternatives are: 1. The probability of passing smoothly through valley is greater than 95% which will help me reach the claims office in two to three weeks. 2. The extent of danger on valley route is not life threatening. 3. The journey on the valley route is slow and tiring because of the uneven or rough terrain. . Taking up the task of exploring gold mine in Alaska can only be taken by a person who is well trained and skilled to walk on rough terrains, survive in extreme climate and mountaineering. Alternatives: 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. Refe r Exhibit 2) Alternative 3: This alternative is less dangerous and has fewer risks while passage. However, the journey on this way and is very slow and tiring and would take an average of two to three weeks to reach the claims office. Thus, the probability of claiming the gold mine is less. (Refer Exhibit 2) Alternative 4: This alternative is a less risk version of Alternative 2. It will allow me to wait for an average of 3 days before I know if the mountain storm is coming and if the mountain is passable or not.Thus, if the storm does not come, I can go with Alternative 2 and reach the claims office within deadline with less risk to my life (If I take proper care of my arm and myself during my journey to the top). However, if the storm comes, I can go with Alternative 3 and miss the claim to gold mine without any life threatening risk. This would also do justice to the time, money and effort I have spent for the whole exploration. (Refer Exhibit 2 3) I will choose Alternative 4 because it has the highest probability of reaching the claims office within deadline with minimal life risk.I have been entrusted with the task of exploring gold mine is the evidence that I am good at climbing mountains or handling extreme climates. Thus, the risk involved in climbing to the top and travelling all the way to claims office in absence of unusual environmental disturbances without any further injuries is more than the risk involved in Alternative 2. It also addresses most of the areas of consideration. My Risk Profiles indicated by the alternative chosen above:- 1.I have a strong Physical risk profile with a score of 8 on a scale from 1 to 10 with 1 being the one who is averse to risk taking and 10 being the one who is most risk inclined. (Refer Exhibit 1) 2. I have a strong Career risk profile with a score of 9 because I am willing to take up new opportunities and challenges in my career. As cited from Alternative 4, getting the claim for the gold mine is my job and I am willing to take the necessary risk for the same. (Refer Exhibit 1) I have learned the following insights about myself from this exercise:- 1.I am an adventurous and creative person willing to take up challenging tasks and responsibilities. I have a good risk appetite as well. 2. I have a high sustainability index since I was able to survive in extreme climates in Alaska, taking care of myself and getting well on my own. 3. I am very committed. Since I had the commitment of coming back in 3 months, I took every possible but calculated risk in conforming to the timeline. 4. I am a highly intellectual person who thinks of various alternatives and analyzes the pros and cons of each before coming up with the best possible strategy.