Q1) Financially, it is a good deal to loan the monets for an amount of 5 million
ID: 373972 • Letter: Q
Question
Q1) Financially, it is a good deal to loan the monets for an amount of 5 million $. The amount obtained can be invested in developmental activities of the museum which include improving the infrastructure, purchasing new artwork etc.
Q2) Considering the reputation of a museum which is the go to place for considerable artwork, offering monets in return of money to a casino is not correct. As Casino is a place for gambling and is only profit focused, it goes against the ideology behind establishing the museum.
Q3) In case the loan is approved, below are the assurances that would be taken from casino in returning the art work in a safe condition -
1. Date of return and the condition of return which clearly calls out that the monets are returned in the exact condition as they were rented.
2. Terms and conditions which include any fines/penalties imposed in case of any damage to the artwork.
Q4) Similar requests from other museums or casinos can be handled by considering the reputation of the museums/casinos, the price they offer as loan, the duration for which the artwrok needs to be granted etc.
Explanation / Answer
Assignment This assignment is aimed at focusing your leadership abilities in making an important decision Please read the problem carefully, and provide a response to the questions The Boston Museum is the proud owner of considerable art work including several Monets. The museum was contacted by a casino in Las Vegas to loan about twenty of the Monets for a fee of $5 million. Such decisions are the responsibility of the Museum's Board of Directors. The Board is typically composed of several artists, philanthropists, leading legislators, corporate leaders, and internationally famous curators from other museums. Assume that you are a member of the Board of Directors of Boston Museum. Analyze your thought process in arriving at your decision whether or not to approve the loan. Question 1. Provide your rationale with respect to financial aspects of the proposal Question 2. Provide your rationale with respect to the reputation of the museum Question 3. In case you approve the loan, what assurances would you seek from the casino in returning the art work in a safe condition? Question 4. How would you handle similar requests from other organizations such as other museums and other casinos? Justify your answers clearly
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