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Chapter 07 - Choosing Innovation Projects
Chapter 07
Choosing Innovation Projects
True/False
1. The allocation of a finite quantity of resources over different possible uses is known as
research rationing.
Answer: False
Difficulty: Easy
Page: 130
2. The ratio of R&D expenditures to sales is known as R&D concentration.
Answer: False
Difficulty: Easy
Page: 130
3. Qualitative methods of analyzing new projects usually entail converting projects into
some estimate of future cash returns from a project.
Answer: False
Difficulty: Easy
Page: 131
4. Discounted cash flow methods typically do not take into account the payback period.
Answer: False
Difficulty: Easy
Page: 133
5. Upon calculation of its costs and cash inflows, if the net present value (NPV) of a
project is greater then zero then it generates wealth.
Answer: True
Difficulty: Easy
Page: 133-134
6. According to the net present value method of discounted cash flow analysis, the time
required to break even on a project using discounted cash flows is known as period of
return.
Answer: False
Difficulty: Easy
Page: 134
7-1
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whole or part.
7. The discounted rate that makes the net present value of the investment maximize is
called the internal rate of return.
Answer: False
Difficulty: Easy
Page: 135
8. Discounted cash flow estimates of a project are only as accurate as the original
estimates of the profits from a technology.
Answer: True
Difficulty: Medium
Page: 135
9. Standard discounted cash flow analysis has the potential to severely undervalue a
development project’s contribution to the firm.
Answer: True
Difficulty: Medium
Page: 135
10. Calculating the internal rate of return of a project typically must be done by trial and
error.
Answer: True
Difficulty: Easy
Page: 135
11. From a real options perspective, the value of a call stock option is zero as long as the
price of the stock is more than the exercise price.
Answer: False
Difficulty: Medium
Page: 136
12. From a real options perspective, the exercise price associated with commercializing a
new technology would include the cost of manufacturing, marketing, and distributing the
technology.
Answer: True
Difficulty: Medium
Page: 137
13. While the value of a stock is independent of the call holder’s behavior, the value of an
R&D investment is not independent of the investor’s behavior.
7-2
whole or part.
Answer: True
Difficulty: Medium
Page: 138
14. The investor is an active driver of the value of the investment.
Answer: True
Difficulty: Easy
Page: 138
15. Breakthrough projects involve development of products that incorporate

revolutionary new technologies in a commercialized application.
Answer: True
Difficulty: Easy
Page: 140
16. Derivative projects offer fundamental improvements in the cost, quality, and
performance of a technology over preceding generations.
Answer: False
Difficulty: Easy
Page: 141
17. Ferguson TechnoWorks made the strategic decision to invest heavily in the
development of derivative projects. This is likely to make the returns on its R&D look
good only in the short run.
Answer: True
Difficulty: Hard
Page: 142
18. The most common use of conjoint analysis is to assess the relative importance of
different product attributes to customers.
Answer: True
Difficulty: Easy
Page: 143
19. Data envelopment analysis (DEA) utilizes linear programming.
Answer: True
Difficulty: Easy
Page: 145
7-3
whole or part.
20. The drawback to data envelopment analysis (DEA) is that it does not allow
comparisons of projects using multiple kinds of measures.
Answer: False
Difficulty: Easy
Page: 146
Multiple Choice
21. _____ refers to the allocation of a finite quantity of resources over different possible
uses.
a. Systematic allotment
b. Corporate funding
c. Organizational appropriation
d. Capital rationing
Answer: d
Difficulty: Easy
Page: 130
22. Which of the following is true of quantitative methods of analyzing new projects,
particularly in rapidly changing environments?
a. They enable managers to statistically compare projects.
b. Their accuracy is unquestionable.
c. Discounted cash flow methods and real options are the least recommended quantitative
methods.
d. They are particularly accurate in highly uncertain or rapidly changing environments.
Answer: a
Difficulty: Easy
Page: 131
23. FaxWork Inc. wishes to start manufacturing compact and portable fax machines.
Though the initial investments and the risks associated with the project are quite high, the
anticipated future benefits are high too. With which of the following quantitative methods
can FaxWork assess and evaluate the new project to justify the expenditure?
a. Q-sort
b. Screening
c. Discounted cash flow analysis
d. The project map
Answer: c
Difficulty: Medium
Page: 133
7-4
whole or part.
24. The discounted cash inflows of a project minus the discounted cash outflows is
referred to as the _____.
a. internal rate of return
b. net present value
c. real option
d. screening value
Answer: b
Difficulty: Easy
Page: 133
25. What is the net present value (NPV) of a project if the present value of cash inflow is
$10,000 and the present value of cash outflows is $5,000?
a. $2,000
b. $5,000
c. $10,000
d. $15,000
Answer: b
Difficulty: Easy
Page: 134
26. Which of the following is true of a project which has a present value of cash inflow of
$20,000 and the present value of the cash outflows of $15,000 (given the assumptions
made in calculating the costs and cash inflows)?
a. The project cannot be carried out as the outflow is high.
b. The net present value of the project is $35,000.
c. The project will require 5 years to break even.
d. The project generates wealth.
Answer: d
Difficulty: Medium
Page: 134
27. According to the net present value (NPV) method of evaluation of projects, if there
are cash outflows for multiple periods, then:
a. the NPV of the project will definitely be negative.
b. the NPV of the project will definitely be positive.
c. the discount rate will need to be altered.
d. those cash outflows will have to be discounted back to the current period.
Answer: d
Difficulty: Medium
Page: 134
7-5
whole or part.
28. Jupiter Systems is planning to develop a new telescope. The initial cost of the project
is estimated to be $600,000 with an anticipated recovery of $300,000, till perpetuity. The
payback period for this project is _____.
a. 6 months
b. 2 years
c. 4 years
d. 6 years
Answer: b
Difficulty: Medium
Page: 134–135
29. Henry calculated that the net present value of his investment would be zero with a 15
percent internal rate of return. This means that:
a. the project has no value.
b. Henry can compare the 15 percent internal rate of return to the required rate of return
to determine if the investment should be made.
c. the project requires an additional 15 percent investment by the company.
d. the project will break even in 15 years.
Answer: b
Difficulty: Medium
Page: 135
30. The internal rate of return of a project is the discount rate that:
a. adds the cash outflow to the current period.
b. reduces the cash outflow from the current period.
c. maximizes the net present value of the investment.
d. makes the net present value of the investment zero.
Answer: d
Difficulty: Easy
Page: 135
31. Which of the following is true of the internal rate of return of a project?
a. The discounted cash flow estimates are only as accurate as the original estimates of the
profit.
b. It maximizes the net present value of the investment.
c. It neglects the timing of investment and cash flows.
d. It does not discriminate against projects that are long term or risky.
Answer: a
Difficulty: Medium
Page: 135
7-6
whole or part.
32. Which of the following is a disadvantage of using internal rate of return for assessing
a project?
a. It fails to take into account the time value of money and risk.
b. It cannot be calculated by trial and error.
c. It discriminates heavily against long term and risky projects.
d. It fails to provide concrete financial estimates.
Answer: c
Difficulty: Medium
Page: 135
33. With respect to research and development, which of the following can be considered
the exercise price?
a. The cost of the R&D program
b. The cost of future investment required to capitalize on the R&D program
c. The returns to the R&D investment
d. The returns to the R&D investment minus the cost of the R&D program
Answer: b
Difficulty: Medium
Page: 136
34. If a firm has the option of investing in R&D, the cost of commercializing a new
technology that is developed can be considered the:
a. exercise price.
b. price of a call option.
c. benefit of exercising the option.
d. the value of the option.
Answer: a
Difficulty: Medium
Page: 136
35. What is the advantage of using the real options approach of evaluating a project?
a. It results in better technology investment decisions than a cash flow analysis approach.
b. A firm undertaking solo new product development does not require full investment in
the technology before determining if the technology will be successful.
c. It is cheap to use in case of a firm undertaking solo new product development.
d. It is valuable only when there is no uncertainty.
Answer: a
Difficulty: Medium
Page: 137
36. Screening questions are used mainly to:

a. involve people in the decision.
7-7
whole or part.
b. structure the discussion about project details like potential costs and benefits.
c. weed out illegal ideas.
d. choose the best consulting firm to analyze a potential project.
Answer: b
Difficulty: Easy
Page: 138
37. NewDigger Inc. makes backhoes for digging ditches and trenches. It has developed
an acid which when poured on the ground, digs trenches of various depths depending on
how much is applied. The firm has recently started using this product commercially. This
would probably be considered a(n) _____ project for NewDigger.
a. derivative
b. platform
c. breakthrough
d. advanced R&D
Answer: c
Difficulty: Medium
Page: 140-141
38. TechToTeach Co. developed and sold a product which can be used by students to
take faster notes in a classroom as the teacher speaks. The device automatically records
the teacher’s voice and converts it into a text format. This new technology was widely
accepted by various universities and has been appreciated by students, thus increasing the
company’s inflow. This technology can be called a(n) _____ project by TechToTeach.
a. advanced R&D
b. platform
c. breakthrough
d. derivative
Answer: c
Difficulty: Medium
Page: 140-141
39. Coolers Inc. has developed a new generation of air conditioners. It upgraded the old
technology by making the air conditioners work on voice sensors instead of remote
controls. Though the technology is new, Coolers has decided to introduce the product in
the market at a low cost. This project is a(n) _____ project for Coolers Inc.
a. platform
b. derivative
c. breakthrough
d. advanced R&D
Answer: a
Difficulty: Medium
7-8
whole or part.
Page: 141
40. A firm that invests heavily in derivative projects:

a. will have greater long-term strategic momentum.
b. will be on the leading edge of technology.
c. will have good returns on its R&D investment in the short run.
d. will be able to compete easily when the market shifts to a newer technology.
Answer: c
Difficulty: Medium
Page: 142
41. In the _____method, in order to establish scales of customer preferences, individuals

in a group are each given a stack of cards with an object or idea on each card.
a. derivative
b. conceptual
c. DEA
d. Q-sort
Answer: d
Difficulty: Easy
Page: 142
42. In a survey, Sam was asked to rank on a scale of 1 to 5 how important different cell
phone features were to him. The result was then used by the surveying firm to assess the
different attributes of the ranking. This survey can be called a(n) _____ analysis.
a. attribute
b. functional
c. comparative
d. conjoint
Answer: d
Difficulty: Medium
Page: 143
43. Fabmark Consultancy was asked by a client to evaluate the attractiveness of a

potential project to develop a new product line. The data provided by the client included
cash flow estimates (in dollars), ranking of marketability by the sales force, and ranking
of different product attributes from a potential customer focus group. Which of the
following methods would allow Fabmark Consultancy to combine this information and
analyze it?
a. Q-sort
b. Data envelopment analysis
c. Attribute ranking
d. Break-even analysis
7-9
whole or part.
Answer: b
Difficulty: Medium
Page: 143-145
44. Which of the following is true of conjoint analysis?

a. It is simple method for ranking objects or ideas on a number of different dimensions.
b. It is used by managers to compare their desired balance of projects with their actual
balance of projects.
c. It involves the creation of a hypothetical efficiency frontier.
d. It is most commonly used to assess the relative importance to customers of different
product attributes.
Answer: d
Difficulty: Easy
Page: 143
45. An efficiency frontier is the range of _____ that optimize a combination of features of
a potential project.
a. product features
b. attribute arrangements
c. hypothetical configurations
d. conjoint dimensions
Answer: c
Difficulty: Easy
Page: 145
Essay
46. Why do technology start-ups face a much higher cost of capital than larger
competitors? Discuss the sources from which new technology start-ups can obtain
external financing.
Answer: While large firms can fund innovation projects internally, new technology start-
ups must often obtain external financing. This can sometimes be daunting. Because
technology start-ups often have both an unproven technology and an unproven business
concept (and sometimes an unproven management team), they typically face a much
higher cost of capital than larger competitors, and their options for obtaining capital can
be very limited.
In the first few stages of start-up and growth, entrepreneurs may have to turn to friends,
family, and personal debt. Start-ups might also be able to obtain some initial funding
through government agencies. If the idea and the management team seem promising
enough, the entrepreneur can tap “angel investors” and venture capitalists as sources of
both funds and mentoring. Angel investors are private investors who fund projects
without utilizing a venture capital limited partnership structure. For projects that require
more than $1 million, entrepreneurs often turn to venture capital, either from independent
7-10
whole or part.
venture capital firms or corporate venture capital sources. The support of the venture
capitalist provides a number of valuable benefits including credibility among other
investors (and thus better access to capital) and mentoring.
Difficulty: Medium
Page: 132
47. What is the internal rate of return of a project? How is it calculated? What are the
drawbacks of using this method?
Answer: The internal rate of return (IRR) of a project is the discount rate that makes the
net present value of the investment zero. Managers can compare this rate of return to their
required return to decide if the investment should be made. Calculating the IRR of a
project typically must be done by trial and error, substituting progressively higher interest
rates into the net present value (NPV) equation until the NPV is driven down to zero.
Calculators and computers can perform this trial and error. This measure should be used
cautiously, however; if cash flows arrive in varying amounts per period, there can be
multiple rates of return, and typical calculators or computer programs will often simply
report the first IRR that is found.
Difficulty: Medium
Page: 135
48. Explain how the real options method using stock options. Are there any drawbacks to
this method?
Answer: To understand real options, it is first useful to consider the financial model upon
which they are based—stock options. In “real options,” the assets underlying the value of
the option are nonfinancial resources. An investor who makes an initial investment in
basic R&D or in breakthrough technologies is, it is argued, buying a real call option to
implement that technology later should it prove to be valuable. With respect to research
and development:
The cost of the R&D program can be considered the price of a call option.
The cost of future investment required to capitalize on the R&D program (such as the
cost of commercializing a new technology that is developed) can be considered the
exercise price.
The returns to the R&D investment are analogous to the value of a stock purchased with a
call option.
One drawback is the fact that technology investment scenarios often do not conform to
the same capital market assumptions upon which the approach is based. Furthermore,
while the value of a stock is independent of the call holder’s behavior (that is, the call
holder can simply wait and observe whether the value of the stock rises or falls), the
value of an R&D investment is not independent of the investor’s behavior.
Difficulty: Medium
Page: 136–138
7-11
whole or part.
49. Dayton Regional Medical Center has decided to build a new wing for its outpatient
services. Dayton wants to know which services are important to its patients in this new
wing. Do they prefer large waiting rooms for family members or small rooms adjacent to
recovery rooms? Do they prefer patient advocates to keep them informed or would nurses
be better? What technique would be appropriate to come up with weights and tradeoffs
for these types of services? Explain why you consider the technique to be most
appropriate.
Answer: A conjoint analysis technique would be the best choice for this analysis.
Conjoint analysis can estimate the specific value of features of the outpatient center. As a
part of the analysis, pricing for these services can also be determined. Multiple regression
can be used to assess the degree to which each service influences the overall rating,
resulting in the assignment of specific weights to individual criteria for different
configurations of the outpatient center. Although the Medical Center cannot please
everyone, it can come up with the “best” configuration for its patient base.
Difficulty: Medium
Page: 143
50. General Sys Inc. has gathered data to evaluate the attractiveness of a potential project.
It knows the cash flows expected under different scenarios. It has conducted a focus
group that ranks various product attributes, and it has the ranking of various marketing
techniques provided by a consulting company. What method should General Sys use to
evaluate this project? Why is this method the best one to use?
Answer: General Sys should use data envelopment analysis (DEA) to conduct its
evaluation. This method allows analysis of multiple criteria that have different kinds of
measurement units. In this case, measurement units include dollars (cash flows) and
rankings (focus group and consulting company). DEA uses linear programming to
combine these different measures to create a hypothetical efficiency frontier that
represents the best performance on each measure. These values can then be used to
compare this project with other projects.
Difficulty: Medium
Page: 143–146
7-12
whole or part.
Another random document with
no related content on Scribd:
The Project Gutenberg eBook of Of Yankee
granite
This ebook is for the use of anyone anywhere in the United
States and most other parts of the world at no cost and with
almost no restrictions whatsoever. You may copy it, give it away
or re-use it under the terms of the Project Gutenberg License
included with this ebook or online at www.gutenberg.org. If you
are not located in the United States, you will have to check the
laws of the country where you are located before using this
eBook.
Title: Of Yankee granite

An account of the building of the Bunker Hill Monument
Author: Edward Herbert Cameron
Author of introduction, etc.: John Silsbee Lawrence
Release date: October 2, 2023 [eBook #71777]
Language: English
Original publication: Boston: Bunker Hill Monument Association,

1952
Credits: Steve Mattern and the Online Distributed Proofreading

Team at https://www.pgdp.net
*** START OF THE PROJECT GUTENBERG EBOOK OF YANKEE

GRANITE ***
Transcriber’s Note
Larger versions of most illustrations may be seen by right-
clicking them and selecting an option to view them separately,
or by double-tapping and/or stretching them.
Additional notes will be found near the end of this ebook.
OF YANKEE GRANITE
An Account of the Building of Bunker Hill Monument
By E. H. CAMERON
With a Foreword by John Silsbee Lawrence

BOSTON
Bunker Hill Monument Association
1953
Copyrighted 1952 by the Alumni
Association of the Massachusetts Institute
of Technology and reprinted 1953 by their
permission.
FOREWORD
Had the British bullet that went through the hat of Major Samuel
Lawrence of Groton near Bunker Hill on 17 June 1775 been aimed a
bit lower, some thousand descendants of Major Lawrence would not
have been born and I should not now have his dispatch wallet, nor
his letter explaining the battle and mentioning General Dearborn, my
first wife’s ancestor. The Bunker Hill Monument might not have been
built; the Massachusetts Hospital Life Insurance Company might not
have been developed; various charitable institutions might not have
had adequate financial support and the dams at Waltham, Lowell
and Lawrence might not have been constructed to provide the power
to operate textile mills. John Brown might not have been sent by the
Emigrant Aid Society of Boston to Kansas, where he called his camp
Lawrence, now one of the flourishing cities of Kansas. Had Major
Lawrence been killed we should not have had a Lawrence as Mayor
of Lowell, or as Ambassador to the Court of St. James. Two Bishops
of the Episcopal Church, a President of Harvard College, the present
Senator Saltonstall, and many young men and women now actively
interested in the problems of our nation might never have been born
and I should not have qualified for membership in the Society of the
Cincinnati.
From reflecting upon the bullet that came so close to disposing
of Major Samuel Lawrence at Bunker Hill I was led to the history of
the monument commemorating the battle, in the building of which his
son—and my great-grandfather—Amos Lawrence took a leading
part. Much has been written about Bunker Hill Monument, but the
splendid article by Mr. E. H. Cameron in The Technology Review for
May 1952 and June 1952 summarized its history so well that I was
anxious to have it available in more permanent form. Mr. Cameron
and the editors of The Technology Review very kindly gave
permission for this reprint, and Mr. Walter Muir Whitehill, Director
and Librarian of the Boston Athenæum, has seen the pamphlet
through the press. Mr. Whitehill has also selected the illustrations,
and has included in them a hitherto unpublished drawing, owned by
the Boston Athenæum, of Bunker Hill Monument under construction
in 1837. This was obviously the source for the somewhat inaccurate
wood engraving published in The American Magazine of Useful and
Entertaining Knowledge, III (1839), 404 and subsequently
reproduced in later accounts of the monument. The illustrations
include portraits of the two largest individual contributors to the
building of the monument—Amos Lawrence and Judah Touro, the
Jewish merchant of Newport, Rhode Island. I am grateful to the
Massachusetts Hospital Life Insurance Company and the Redwood
Library and Athenæum of Newport for furnishing photographs of
these portraits and permitting their reproduction, and to Mr. T.
Temple Pond, President of the Bunker Hill Monument Association,
for allowing this reprint to be published by the Association.
John S. Lawrence
OF YANKEE GRANITE
Prologue
On Saturday, 17 June 1775, on a fortified hilltop farm near Bunker’s
Hill, Charlestown, Mass., a volunteer force of American citizens faced the
professional soldiery of the world’s strongest nation. When their scant
supply of ammunition gave out, the survivors retired in good order, to
learn later that 140 of their neighbors and other companions had been
killed in the fight. Their battle is therefore registered as an American
defeat. It proved to be a striking victory, however, for historians agree that
the Battle of Bunker Hill set the pace that led to ultimate victory in the
American War of Independence. This little force of farmers, mechanics,
tradesmen, and professional men had demonstrated how Americans
should fight, when their independence is threatened.
On the field where the battle was fought, the Bunker Hill Monument
has now stood for over a century, the rugged lines of its granite masonry
symbolizing the enduring strength of the stern spirit of American
independence that it commemorates.
ABOUT 40 years after the Battle of Bunker Hill, all New England was
deeply stirred by a pamphlet published by Major General Henry
Dearborn who had taken part in the engagement. The pamphlet
accused General Israel Putnam, one of the most revered of the
Revolutionary heroes, of incapacity and cowardice in the battle.
Thereupon, the Battle of Bunker Hill was fought over and over again,
at the wharves, sail lofts and ropewalks of Boston, and in all places
where men gathered to work and to talk about the events of the day.
Crowded nine inside and five on top of the jolting four-in-hand
stagecoaches from Boston, friends and foes of the popular
Revolutionary hero would wrangle over his conduct at the battle. It
would be a long argument, at five miles per hour, with little room for
gestures. With tankards in hand, by the warm fireplace in the low-
ceilinged tavern of the village where the coach would stop for the
night, the passengers could express their convictions more forcefully,
and the Battle of Bunker Hill would become a very live topic indeed.
The furor over the Putnam-Dearborn controversy became
secondary, however, as the bald fact was realized that, aside from a
small wooden column, no memorial existed on the site of one of the
most famous military engagements of American history.
In the good Yankee fashion a group of prominent citizens
conferred over their Madeira wine and coffee on ways to correct this
humiliating situation, and in the year 1823, these men formed the
Bunker Hill Monument Association, to solicit private contributions
sufficient to build a monument on Breed’s Hill, where the battle had
been fought, in the town of Charlestown, now a part of the city of
1
Boston, Mass.
1
From the start, the site of the battle seems to
have been called Bunker Hill, although it was
actually fought on Breed’s Hill. The probable
reason for this inaccuracy is that Bunker’s Hill
was then 110 feet high, and the adjacent 62-foot-
high Breed’s Hill was considered only a spur of
the higher summit. Certainly, a contemporary
British military map is entitled, “A Plan of the
Action at Bunker’s Hill.”
Unlike the Washington Monument, which had to be completed by

government funds, the Bunker Hill Monument was financed
practically wholly by private means. Our independent ancestors did
not count much on government aid in the building of a memorial to
relatives or neighbors who had died in the battle; such monuments
were personal matters. Of the total collected amount of about
$134,000, only $7,000—a grant from the Commonwealth of
Massachusetts—came from other than private contributions. (The
amount raised to build the monument is roughly equivalent to
$1,000,000 in modern money.) Aside from two donations of $10,000
each, the individual gifts ranged from a few at $1,000 to many at
$0.25 each. Naturally, such a scheme of financing took a long time,
and 18 years elapsed before the monument was dedicated. At a
critical period, the Massachusetts Charitable Mechanics Association,
started by Paul Revere and others, years earlier, joined with the
Bunker Hill Monument Association to raise funds and help direct
operations. At a still more critical period, the women of New England
held a fair which brought in over $30,000, and the completion of the
monument was assured.
Surely, the record of no other national memorial provides such a
true cross section of American democracy as exhibited in the roster
of the rich, those of moderate means, and the poor but independent
citizens whose contributions made possible construction of the
monument.
The magnitude of American structures of the year 1825, when
the cornerstone of the monument was laid, was largely limited by the
physical strength of those who had to build them—men, horses, and
oxen. To raise the huge stones of the monument to such dizzy
heights was a tremendous undertaking with the crude construction
methods of the day. The builders of the monument had much to
inspire them to devise better methods, however, in the examples of
other enterprises in this virile period of American development.
Steam navigation had already made notable progress in America,
and while the lower courses of the monument were being laid, the
first steam locomotives began to appear on the young American
railroads. Canals, waterpower developments, and many new
industries were being started in the young democracy.
A great contribution of the builders of the monument to the
record of achievements of this period was their demand for granite in
huge quantities to build it. This demand inspired the construction of
the Granite Railway at Quincy, Mass.—America’s first railroad.
The story of the promotion, design, and construction of the
monument is therefore doubly intriguing. It gives a vivid picture of the
status of construction methods of the period, when America stood on
the threshold of the age of machinery. It also reveals the spirit of
audacious determination of our construction forebears as they
developed their unprecedented processes from which our present
marvelously efficient methods of construction have sprung. The spirit
of the builders of the monument is worthy of that of the heroes of the
battle, which their masterpiece has now commemorated for over a
century.
The Obelisk
Few modern architects, engineers, or contractors are privileged
to work in such distinguished company as did architect Solomon
Willard, engineers Loammi Baldwin and Gridley Bryant, and
contractor James Sullivan Savage, who designed and built the
obelisk which is called the Bunker Hill Monument. They were
associated with Daniel Webster and young Edward Everett, both of
whom later became Secretary of State; with Thomas Handasyd
Perkins (still revered in Boston as the man who endowed the Perkins
Institution for the Blind), merchant prince of Boston, with the famous
artists, Washington Allston and Gilbert Stuart; and their monument
followed the classic lines of the model submitted by Horatio
Greenough, a Harvard student, who later became a noted American
sculptor.
To the amazingly talented architects and engineers of Egypt, 50
centuries ago, the Bunker Hill Monument would have been a simple
structure to design and construct. To these ancient builders, it would
have appeared to be merely a somewhat stubby shaft, devoid of the
beautiful, deeply carved hieroglyphic record which ornamented their
own obelisks from base to pyramidion (apex), and it would be a
simple thing to erect. In fact, some would say that the monument is
really not an obelisk, for it is built of many stones of a few tons
weight each, whereas a single stone composed a typical Egyptian
obelisk. Such stones sometimes weighed as much as 500 tons.
They were transported hundreds of miles and by some now
unknown method were erected to the vertical position by manual
labor.
Like the Egyptians, the modern engineer would also call the
monument easy to design and build. Today’s light, thin-walled
chimneys of comparable height, pose much harder problems of
stability against wind, and their designers feel fortunate when a
chimney can rest on as firm a foundation as the glacial drumlin soil
of Breed’s Hill. Why, then, was the erection of the monument
considered such an unusual feat at the time?
The answer is obvious: the monument was built in the days of
hand labor supplemented by animal power, and hand labor to the
independent Boston mechanic of over a century ago did not mean
hundreds of slaves tugging in unison to the drumbeat of an Egyptian
timer, while an overseer cracked his whip. And the builders had
determined to construct their monument of one of the hardest of
building stones—New England granite—in the use of which there
was then little precedent.
When the Bunker Hill Monument Association offered a prize of
$100 for the best design of a monument, many plans, mostly of
columns, were submitted. The Board of Artists of the Association
(Daniel Webster, Gilbert Stuart, Washington Allston, Loammi
Baldwin, and George Ticknor), who had to pass upon the submitted
designs, favored the Greenough model based on an Egyptian
obelisk of ancient Thebes. Although the directors had strongly
favored a column, they yielded to the judgment of the Board of
Artists and adopted the obelisk design instead.
Upon the adoption of the successful design, a committee, of
which Loammi Baldwin was chairman, was appointed to “report a
design of an obelisk.” Baldwin was a Harvard graduate, who had
2
studied abroad under the patronage of Count Rumford. He had
become one of America’s most prominent engineers. Baldwin was
responsible for the construction of the dry docks at the Charlestown
and Norfolk Navy Yards; planned a canal tunnel (later built as a
railroad tunnel) through the Hoosac Mountain; and was active in
surveys for an adequate water supply for Boston, in the day when
Boston people got their water from wells. Baldwin and his associates
on the committee first went to the Boston and Roxbury Milldam (now
Beacon Street), from which the monument would be prominently
visible across the Charles River. Miniature models of different
dimensions were mounted on the Milldam fence and were viewed
from a definite distance to the rear. In this highly practical manner,
the size of the most striking monument on distant Bunker Hill was
determined.
2
The famous scientist, Benjamin Thompson,
of Woburn, Mass., who later became an English
citizen, and who established the fact that heat is
a form of motion.
The Baldwin Report on the design of the Bunker Hill Monument,

described as neatly handwritten, was one of the valuable documents
in the literature of early American engineering history. It ranks with
3
the “Private Canal Journal” of DeWitt Clinton, who promoted the
Erie Canal; the report on American railroad standards of 100 years
ago by Captain (later General) George B. McClellan of Civil War
fame; Roebling’s report on the proposed Brooklyn Bridge; and
similar historical documents that describe the methods from which
the present processes of promotion and construction have sprung.
3
William W. Campbell, Life and Writings of
DeWitt Clinton (New York: Baker and Scribner,
1849).
As shown in the table of dimensions which follows, the

monument, almost exactly, is built to the dimensions of the Baldwin
4
Report, which was influenced by the Greenough model.
Height, above ground 220 ft.

Sides of monument, at ground level 30 ft.
Sides of monument, at base of apex 15 ft.
Height of apex 12 ft.
Minimum wall thickness, at base 6 ft.
Diameter of circular interior, at base 18 ft.
Height of masonry elements:
78 main courses, each with height of 2 ft., 8 in.
5 courses in apex, each with height of 1 ft., 8 in.
Height of capstone 3 ft., 6 in.
4
Measurements given above have been taken
from: Baldwin Report (1825)—Loammi Baldwin;
Plans and Sections of the Obelisk on Bunker’s
Hill (1843)—Solomon Willard; History of the
Battle of Bunker’s (Breed’s) Hill (1875)—George
E. Ellis.
Data from old records do not always check
modern measurements. For example, a modern
reference gives the height of the monument as
221 feet.
Bunker Hill Monument under construction in 1837
Reproduced from a hitherto unpublished drawing in the Boston Athenæum
Bunker Hill Monument as proposed
Reproduced from an 1834 certificate of membership of the Bunker Hill Monument
Association in the Boston Athenæum

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Strategic Management of Technological

Innovation 4th Edition Schilling Test

2. The ratio of R&D expenditures to sales is known as R&D concentration.

14. The investor is an active driver of the value of the investment.

15. Breakthrough projects involve development of products that incorporate

19. Data envelopment analysis (DEA) utilizes linear programming.

36. Screening questions are used mainly to:

40. A firm that invests heavily in derivative projects:

41. In the _____method, in order to establish scales of customer preferences, individuals

43. Fabmark Consultancy was asked by a client to evaluate the attractiveness of a

44. Which of the following is true of conjoint analysis?

Title: Of Yankee granite

Author: Edward Herbert Cameron

Author of introduction, etc.: John Silsbee Lawrence

Release date: October 2, 2023 [eBook #71777]

Original publication: Boston: Bunker Hill Monument Association,

Credits: Steve Mattern and the Online Distributed Proofreading

*** START OF THE PROJECT GUTENBERG EBOOK OF YANKEE

With a Foreword by John Silsbee Lawrence

Unlike the Washington Monument, which had to be completed by

The Baldwin Report on the design of the Bunker Hill Monument,

As shown in the table of dimensions which follows, the

Height, above ground 220 ft.

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