Speed Venture Case Study: Leadership and Crisis Management

This document presents a comprehensive analysis of the Speed Venture case study, focusing on the critical decision of whether to participate in a race amidst engine failures and financial concerns. The analysis explores the factors influencing this decision, including potential television exposure, prize money, and the risk of brand damage. It also examines the importance of effective communication and team dynamics in crisis management, proposing strategies for conducting team meetings and achieving consensus. The document highlights the need for careful consideration of both the immediate financial implications and the long-term impact on the company's reputation and future investment prospects. The solution considers the importance of leadership and strategic planning in navigating challenging situations.

Running Head: SPEED VENTURE CASE STUDY
Speed Venture Case Study
Name of the Student
Name of the University
Author Notes

2SPEED VENTURE CASE STUDY
1. Should the team race today or not?
Answer: The importance of the race for the speed venture on the concerned date was because
of the exposure that the speed venture would receive in the television and also because of the
prize money that is involved in this case. However, certain factors are creating inhibition in
the way of the participation of the company in the race. The factors include the failure of the
engines in an exasperated way. The rate of failure of the company in the race involved their 7
times failure within a stretch of 24 ventures in the concerned season. The amount of
transaction involved was also a major one in this case, as the organization had to suffer a
huge loss if they lose in the market. They would have to return the money invested by the
people racing in the track. It would also lead to the organization losing a huge amount of
share, accounting to $800,000 that the organization used to receive from the oil contact.
However, the primary loss that the company would suffer is the one of losing their brand
name, as the investors would not like to invest behind an organization that would drag their
brand name on the track.
Considering the situation it can be suggested that the organization should not run
without taking proper measures in order to improve their engines in the running track,
because the amount incurred in the loss would be greater than the one if they withdraw. Since
this a group based decision there should be certain amount of conformity in the decision,
however at the same time it is suggested that the number of people involved in the decision
making should be less in order to bring out the effectiveness.
Question 2
What is your plan in meeting with your teammates?

3SPEED VENTURE CASE STUDY
Answer: The meeting of the teammates are very crucial in order to come to a common
consensus regarding the situation involved. Since the situation is a crucial one the important
factor is the effective communication that should take place in order to furnish effective
decision in order to cater to the crisis as faced by the organization (Kundu & Cummins,
2013). In terms of delivering the news about the crisis and which then needs to be
communicated to the stakeholders, care should be taken about maintaining transparency in
the communication. The urgency of the news should be maintained and need to be
communicated with all effectiveness. Conformity would be an issue in the situation as the
members of the group need to come to a come on a common consensus in order to achieve
the same. This can be achieved by decreasing the size of the group, as the conflict arising
from the differences would be less in that case. A person should take the lead in order to
ensure the participation of the members in the decision making as and should cut off the
person not exhibiting proper enthusiasm in the process of decision making (Wibowo & Deng,
2013).

4SPEED VENTURE CASE STUDY
References
Kundu, P., & Cummins, D. D. (2013). Morality and conformity: The Asch paradigm applied
to moral decisions. Social Influence, 8(4), 268-279.
Wibowo, S., & Deng, H. (2013). Consensus-based decision support for multicriteria group
decision making. Computers & Industrial Engineering, 66(4), 625-633.