speed ventures case study answer

Speed Ventures

Originally titled “Carter Racing,” the Speed Ventures adresses decision making. The case is quite short and has been used in classroom exercises.

Learning Objective To analyze decision making and leadership in high-stress environments.

Details Pub Date: 2012, updated 2015 Discipline: Organizational Behavior Subjects: organizational decision making; quantitative decision making; judgment biases; group decision making; information and decision making Source: Jack Brittain & Sim Sitkin

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Carter Racing Case: to Race or Not to Race?

Carter Racing has to make a decision under pressure about whether or not to race given they have experienced engine failure at a rate of 29%. Based on the opinion of the engine mechanic, temperature is a key driver in the cause of engine failure and Carter Racing has never raced in such a cold temperature. The data gathered by a more senior mechanic, who designed the turbo-charging system, does not demonstrate a correlation between temperature and gasket failures.There are three possible scenarios to consider.First, if they race and win, Carter Racing stands to gain a $1 million sponsorship from Goodstone and the team will feel an immense sense of pride.

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Withdrawal will also leave them $50k in the hole for the season.Based on the lack of additional corroborating data to disprove the temperature theory and the amount of financial incentive and reputation on the line, my recommendation is for Carter Racing to withdraw and keep their driver/car safe instead of hoping luck will be on their side. Carter Racing can use this as an opportunity to test and refine the turbo-charging system, get back on stable-footing and attract the attention of major sponsors next season.

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Speed Ventures Assignment.docx - MGMT 3000

Answering case study questions about whether the team should race and planning for a meeting with teammates

Added on   2022-08-17

   Added on  2022-08-17

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Speed Ventures - Case Study - Do Not Race

Essay by sid_itsme   •  December 21, 2015  •  Essay  •  250 Words (1 Pages)  •  17,082 Views

Essay Preview: Speed Ventures - Case Study - Do Not Race

Do Not Race

I will decide not to race based on a twofold reasoning. Firstly, as pointed out in the case the racing industry relies a lot on luck and I believe the way to look at luck is to trust your team and their gut feelings. The team has a gut feeling that the engine problem has something to do with the gasket and in turn is dependent temperature. Though there is not enough statistical proof to prove the dependence of the engine gasket failure to the temperature, it is plausible reason. Secondly, the negative consequences of losing the race outweighs the probable benefits that they get by winning the race. . . . . . . . .

Pat is unable to relate the current engine failure issue to any of the common issue, but the fact remains that there is a clear chance of an engine failure. Given Pat’s expertise and experience, the team should place significant importance to his judgement.

Secondly, losing the oil sponsors could spell doom for the company and any risk of losing them cannot be ignored. Though getting Goodstone would be beneficial, the fact remains that the oil sponsorship is vital to the long term health of the company. As we know Speed Ventures have a competitive advantage, Goodstone can be expected to return to them even if they skip this race and solve their engine problems in the next season but a blown engine will essentially result in them losing both sponsors.

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(2015, 12). Speed Ventures - Case Study - Do Not Race. Essays24.com . Retrieved 12, 2015, from https://www.essays24.com/essay/Speed-Ventures-Case-Study-Do-Not/65538.html

"Speed Ventures - Case Study - Do Not Race" Essays24.com . 12 2015. 2015. 12 2015 <https://www.essays24.com/essay/Speed-Ventures-Case-Study-Do-Not/65538.html>.

"Speed Ventures - Case Study - Do Not Race." Essays24.com . Essays24.com, 12 2015. Web. 12 2015. <https://www.essays24.com/essay/Speed-Ventures-Case-Study-Do-Not/65538.html>.

"Speed Ventures - Case Study - Do Not Race." Essays24.com. 12, 2015. Accessed 12, 2015. https://www.essays24.com/essay/Speed-Ventures-Case-Study-Do-Not/65538.html.

Carter Racing: the Decision-Making Process (Case Study)

What are the factors in the “carter racing” decision.

In the “Carter Racing” case study, John and Fred Carter, who are in charge of a business involved in car racing, are trying to make an important decision as to whether or not they should participate in an upcoming Pocono race (Brittain & Sitkin, 1986). The decision is impactful due to the media exposure that their business would enjoy due to participation, as well as the monetary prize in case of their team wins.

This article will discuss and analyze the “Carter Racing” and the decision-making process behind it.

However, the decision-making process is complicated by a series of factors that represent risks for the team, their careers, and the business in general. In particular, one of the major factors that are making the Carters hesitate is the series of fails that their team has suffered during the season due to the problems with engines. The professionals involved in the maintenance and development of the vehicles have clashing opinions as to the causes of the failures – Edwards, the engine mechanic, is convinced that the construction of the engine alongside with the external conditions such as weather and temperature cause failures; at the same time, Burns, the chief mechanic, argues that engine failure is a factor that cannot be controlled, and luck is what the team should hope for (Brittain & Sitkin, 1986).

Another couple of important factors are the sponsor’s support and a promising contract for the future season that depends heavily on the high performance of the Carters’ team. The decision-maker is under a lot of pressure because participating in the race will bring a lot of money to the team and help them develop and expand; at the same time, canceling will result in a significant loss of money. Moreover, a failure (of which there is a 29% chance, as stated by Burns) will throw the team back making them start paving their way to the top all over again.

Should the Carters Race Today? Why?

As it was pointed out by the engine mechanic, who is a highly qualified professional knowledgeable about engines, the head gaskets were the root causes of the engine failures experienced by the team (Brittain & Sitkin, 1986). The mechanic found that due to the uneven expansion rates in the head and block of the engine interacting with the temperature outside their engines failed. Chief mechanic gathered statistics on the air temperatures of every race when failures occurred and pointed out that there was no significant correlation between air temperature and engine failures.

However, John Carter noticed that it was particularly cold on the night before the race; and according to the data presented by Tom Burns, out of the total of 10 engine failures that occurred throughout the season, 6 happened under the temperatures below 65; also, of these 6, 3 engines failed under the temperature of 55 (Brittain & Sitkin, 1986). In that way, it looks like the conclusions made by Paul Edwards make a lot of sense and the cold weather during the Pocono race could result in an engine failure for the team leading to the loss of sponsorship and income.

In that way, the final decision should be to withdraw from the race, save the strong reputation earned by the team throughout this season, and take some time to work on the improvement of the engines. The weather conditions seem to be the determinant of the likelihood of the race outcome for the team. As a result, not the statistics of the entire season should be taken into consideration but only the results of the races that took place under colder temperatures; and this statistics quite distinctively shows that the team has a very high change to suffer another engine failure in Pocono.

Brittain, J. & Sitkin, S. (1986). Carter racing. Case Study.

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IvyPanda. (2023, October 29). Carter Racing: the Decision-Making Process (Case Study). https://ivypanda.com/essays/carter-racing-the-decision-making-process/

"Carter Racing: the Decision-Making Process (Case Study)." IvyPanda , 29 Oct. 2023, ivypanda.com/essays/carter-racing-the-decision-making-process/.

IvyPanda . (2023) 'Carter Racing: the Decision-Making Process (Case Study)'. 29 October.

IvyPanda . 2023. "Carter Racing: the Decision-Making Process (Case Study)." October 29, 2023. https://ivypanda.com/essays/carter-racing-the-decision-making-process/.

1. IvyPanda . "Carter Racing: the Decision-Making Process (Case Study)." October 29, 2023. https://ivypanda.com/essays/carter-racing-the-decision-making-process/.

Bibliography

IvyPanda . "Carter Racing: the Decision-Making Process (Case Study)." October 29, 2023. https://ivypanda.com/essays/carter-racing-the-decision-making-process/.

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Speed Ventures Preparation Assignment

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Description

Instructions.

To prepare for an in-class team meeting during your on-campus intensive weekend, complete the readings on Speed Ventures: Team Decision Making (Internal link will open in new tab.) . The Speed Ventures case shares the perspectives of four members of a race car company on the morning of the last competition of the year.

Your three-page paper should answer three questions.

First, summarize your recommendation for the company, highlighting the information that you see as most important to take into consideration when deciding whether to race or not. You will review all this information with two or three of your classmates and make a collective decision at the end of your in-class team meeting.

Second, outline the decision making process that you believe your team of classmates should use to reach a collective decision in the 30 minutes you will be allotted to discuss the case. What should your agenda for this meeting be? What issues do you need to consider, and how can you ensure that you are making a wise decision together? Describe the process that you think would be most effective to use while making a shared decision. Make sure that you reference the Garvin and Roberto reading about different types of decision making processes.

Third, as a team, you will have an opportunity to ask questions and seek additional information that might be useful (although it will not be possible to answer every question that your team might raise.) Which additional information would be most valuable to acquire in order to make a wise decision? What assumptions are you making that it would be possible for the team to double-check before your race-car approaches the starting line? What would you want to know before deciding whether to withdraw from the last race of the season? Identify two or three questions that you think the company leaders would reasonably be able to find answers to before they make their final decision.

Requirements

In order to successfully complete this assignment, be sure to:

• Write a three page paper detailing the items listed above. (Your paper can be single spaced, with an extra blank line between each paragraph.)
• Submit your paper to this assignment, using the following naming convention: YourLastName_YourFirstName_SV.docx
• Should you need to cite any of your resources, you are required to do so in APA format. Visit the Purdue OWL for more information on proper citation technique. (Links to an external site.)

Unformatted Attachment Preview

Explanation & Answer

Hello buddy, I just realized that you didn't provide the logins to this link : Speed Ventures: Team Decision Making (Internal link will open in new tab.)I need to access the site to read the case. I will only be able to start working on the paper when you give me this crucial information for the assognment hello buddy, see the attached assignment. I will be around to help with the edits. Otherwise, remember to invite me for future assignments. Goodbye and welcome again in the future 1 Running Head: SPEED VENTURES DECISION MAKING CASE Speed Ventures Decision Making Case (Name of Author.) (Institutional Affiliations.) SPEED VENTURES DECISION MAKING CASE 2 Should the team race or not? Pat, who is the final decision maker, has employed the inquiry method of decision making, which enables us to get an inside view of his partners viewpoints. He must make a choice based on what they tell him with the team’s main objective in mind. The aim of racing for the racing team was to make a name for themselves, which they have already accomplished. After the first season, they are now considered as a successful team having completed as one of the top five in twelve out of fifteen races. They also have started receiving sponsorship o...

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