Financial Management Midland Energy Resources Finance Essay

Financial Management Midland Energy Resources Finance Essay In the Midland Energy Resources case study we see that it has its operations divided amongst three separate divisions. All these three divisions have different functions and need a separate discount rate to evaluate its projects. Midland uses its cost of capital for many different ways. In order to discount Midlands cash flows we use the weighted average cost of capital. Here the cost of debt is easier to calculate by taking the bond yield plus risk premium approach. The Capital Asset Pricing Model is used to calculate the cost of equity. In case of CAPM, the calculation of beta requires significant judgment. We use the industry data to calculate the beta. Solution 1 Mortensens estimates are used for the following In case of asset appraisals for capital budgeting and financial accounting In case of MA proposals In case of assessment of performances In case of stock repurchase decisions at different divisions and business unit levels. Solution 2 Calculating rD In this case Mortensen computed the cost of debt for each of the three divisions by adding a premium over the US treasury securities of a similar maturity. In order to find rD, we do not use CAPM but we use the interest rate that we are currently paying on the new loans. Here we see that the consolidated spread to treasury is given as 1.62% Thus, rD = 30 year yields to U.S Treasury bonds + Overall Consolidated Spread to Treasury rD = 4.98% + 1.62% rD = 6.60% Calculating the Tax rate The tax rate is calculated on the basis on the Exhibit 1 as average over the years 2004, 2005 and 2006. Therefore the tax rate come out to be (Midlands Income Taxes / Midlands Income Before Taxes and the Average across 2004, 2005, 2006)= 39% Calculating EMRP Based on the exhibit in this case, we see that the traditional data showed is approximately 6.0% EMRP and the surveys show lower EMRP (2.5% to 4.7%) based on a research over the industry with the help from outsiders who have broader industry knowledge, which would result in a better and up-to-date EMRP. Researches in consultation with its professional advisors, bankers and investors, as well as Wall Street analysts covering the industry agreed on the current estimate of 5.0%. As the analysts on the industry, bankers and investors have broader information from different companies and executives, it can be concluded that the approach of outside consulting and the result of 5.0% estimate is appropriate. Â  Calculating rE Here we use 5.0% as its Equity Market Risk Premium. The corporate ÃŽÂ ² is publicly available, and as it represents corporate level ÃŽÂ ², well use 1.25 as it is for Overall Corporate WACC calculation. rE = rf + ÃŽÂ ²(EMRP) rE = 4.98% + 1.25 (5%) = 11.23% Calculating WACC Given + Calculated information: rE 11.23%, rD 6.60%, tax rate 39%, D/E 59.3%, E= 100units, D =59.3units, V=159.3units, E/V= 0.62774639, D/V=0.37225361 Using the formula we get, WACC =rE(E/V) + rD(D/V) (1-t)= 8.548% Solution 3 The company here, Midland, is a large enterprise and has diverse business units with different risks. In the case here we see that the Equity Beta represents the risk factor of those divisions. (Exhibit 5). We also see here that the risk profiles and different here as per the division and the hurdle rates for those divisions should also be different and calculated based on the ÃŽÂ ² of the division In this case Midland should not use single corporate hurdle rate as this will mislead evaluation of the investments, and will result on Midland invest on risky projects and will become risky a corporate by time But on the other hand if Midland invests on corporate level using the corporate level WACC. Solution 4 Calculating EP rE = rf + ÃŽÂ ²(EMRP) rE = 4.98% + 1.15 (5%) = 10.73% rD = rf + EP Spread to Treasury rD = 4.98% + 1.60% = 6.58% rE =10.73% rD =6.58% tax rate= 39% D/E= 39.8% E=100units D=39.8units V=139.8units E/V =0.715308 D/V= 0.284692 WACC for EP= 8.818% Calculating RM rE = rf + ÃŽÂ ²(EMRP) rE = 4.98% + 1.20 (5%) = 10.98% rD = rf + RM Spread to Treasury rD = 4.98% + 1.80% = 6.78% rE= 10.98% rD= 6.78% Tax rate= 39% D/E= 20.3% E= 100units D= 20.3units V= 120.3units E/V =0.831255 D/V= 0.168745 The value of WACC = 9.825% The business units all these industries of Midland operate on are different and thus they have different risk profiles and ÃŽÂ ²s and also different credit ratings. Also as a result the EP and RM have different WACC values. Solution 5 In order to calculate the cost of capital in case of Petrochemical, we would search for the couple of companies which focus only on Petrochemical industry and then use their fact sheet in order to get an average on their ÃŽÂ ² and D/E ratio. By taking into account the data available to us (exhibit 5) and using the arithmetic averages on D/E ratio and ÃŽÂ ² we can calculate cost of capital for Petrochemical division. Corporate ÃŽÂ ² = Average (EP ÃŽÂ ², RM ÃŽÂ ², Petrochemical ÃŽÂ ²) 1.25 = Average (1.15, 1.20, Petrochemical ÃŽÂ ²) Petrochemical ÃŽÂ ² = 1.40 rE = rf + ÃŽÂ ²(EMRP) rE = 4.98% + 1.40 (5%) = 11.98% rD = rf +Petrochemical Spread to Treasury rD = 4.98% + 1.35% = 6.33% Corporate D/E = Average ( EP D/E, RM D/E, Petrochemical D/E) 59.3% = Average (39.8%, 20.3%, Petrochemical D/E) Petrochemical D/E = 117.8% rE= 11.98% rD= 6.33% Tax rate= 39% D/E= 117.8% E= 100 units D= 117.8 units V= 217.8 units E/V= 0.459137 D/V= 0.540863 The value of WACC = 7.589%

American Public University System Characteristics

American Public University System Characteristics Delainah E. Borgonia StarTeam StarTeam is a change management system that was developed by a company named Micro Focus. The systems main intent is to support an enterprise that can service anyone, no matter where they are located. This system is mainly used in my organization as a software development tracking tool that allows you to track the software development lifecycle through the StarTeam Change Request Workflow process. It also allows the program managers and system developers the ability to collaborate on projects and track the change management. Workflow is a term used to describe by which members of an organization completes difficult tasks or projects. This process allows one user to begin a task and pass it along to the next individual for review. Once that user is complete with their portion they will pass the project to another person to complete and finalize the review. This process will continue on until the project is developed, tested and deployed into production. Characteristics of the Users of the System The employees that mainly use the StarTeam system are the requirement managers, project managers, project functionals, analysts and system developers. The requirement and project managers responsibility is to review and validate the change requirements and update the objective scoring module in the Requirement Management System prior to it being imported into StarTeam. The project functional system evaluates the request, then decides if the request should be pursued. Once the project is given the go ahead, the project goes through the analysts for review and accuracy, then to the software developers to write code and develop the system. Features and Usage of the System The StarTeam Change Request Workflow strictly defines the change requests process, enhancing productivity and facilitating management oversight. The workflow also enforces the security it requires to ensure only authorized personnel for specific data can update that data element at the appropriate point in the workflow. All change request in StarTeam are controlled by a workflow. The workflow allows users to track the progress of any change request from when it is entered into StarTeam, to when it is closed. Each department that has a role to perform on the change request is reflected by the Air Force Change Request Status of the change request. Upon logging into StarTeam the first thing you see is a listing of projects broken out by system name. When clicking on a project, the main window that pops up is the Cross-Platform Client also known as the project view window. The Content Perspective view is the default view that you see when you open the Cross-Platform Client. On the Cross- Platform Client view is a series of Menus from the folder tree, upper pane, component tabs, and lower pane, and information tabs. The most important menu we use is the Upper Pane menu that consist of a list of items associated with the folder that is displayed in the folder tree. Even though each folder can contain items of different types of projects, the upper pane displays only one type of data at a time. This is where we are able to see where in the workflow process our project is currently at. The Enterprise workflow process starts at the status of Enter. This is a system status that is invisible to the user. The user is automatically advance to New for standard workflow or Technical Analysis for maintenance workflow. Under the New status the change request is imported from another system call Remedy and the Requirements Management System as well as those created manually inputted directly into StarTeam. For all manually created change requirements, the user will enter the required data using the change request form. For all others that are imported, the data required is captured during the import process and the change request is then displayed with an Air Force Change Request Status of New. The status is reviewed by the Air Force Personnel Operations Agency (AFPOA) Management. Once complete, it is then assigned to an AFPOA Functional and the status is changed to AFPOA Functional. While in the AFPOA Functional status the request is reviewed by the assigned AFPOA Functional. Fields such as the Description, Synopsis, Contact, Info, and Application System are validated at this point. This is where any files in support of the change request are checked into StarTeam and linked to the requirement. If the change request affects multiple systems, the AFPOA Functional will coordinate the creation of additional StarTeam change requests. All change requests and requirements arising from the change request will be linked even if they are in different projects originating from this change request. Within this status there are multiple sub-statuses to allow AFPOA to monitor the change request throughout the AFPOA process. Once the change request has moved through the AFPOA process the change request is ready for the business process owners (BPO) input, the AFPOA Functional will then change the request status to BPO Eval and inform the BPO that it is ready for their coordin ation. In the BPO Eval status the BPO will update the weighted factors and review the data entered thus far to ensure the change request accurately reflects the desired system change. When the BPO has finished the actions required, the status is changed to AFPOA QC and the AFPOA point of contact is notified that the change request is ready for their action. While in the AFPOA QC status the point of contact performs their final validation of the change request before it is made available for the Project Management Office (PMO) to begin their work on the change request. Once the change request is ready for the PMO, the AFPOA QC changes the status to Tech Analysis for the Analyst QCs coordination. In the Tech Analysis status the requirement is assigned to an analyst. The analyst will check-in any supporting documentation and link it to the change request. While in this status there are multiple sub-statuses in order to allow the project management office analysts to monitor the coordination throughout the Technical Analysis process. Once complete, the change request status is changed back to the AFPOA Functional for their approval. At this point, the AFPOA Functional reviews the change request to determine if it is ready for development. When the requirement is ready for development, the AFPOA Functional changes the status to Development. During the development step the change request is assigned to a developer by the Developer QC. The developer will complete the required modifications to the code and any documentation will be checked-in to StarTeam and linked to the change request. Once the requirement is coordinated through the developer the change request is developed and ready for testing. The Developer QC changes the status to Testing and the Test Manager is notified that the change request is ready for testing. Once the testing manager assigns the requirement to a tester, the tester executes the test plan in accordance to the requirement. There are several Test Phases that the requirement goes through before the change request is ready for acceptance testing. Once the requirement is ready for acceptance t esting, the Test Manager changes the status to Acceptance Testing, then the Test Manager notifies the AFPOA QC and notifies them that the change request is ready for action. During the Acceptance Testing step the AFPOA QC changes the Test Phase on the Testing tab to User Acceptance Testing and the Test Status to Testing Ready. After testing is completed successfully, the AFPOA QC changes the Test Status to Passed. When the change request is ready for production the AFPOA QC changes the status to Prod Ready and notifies the analyst that the change request is awaiting their action. In Prod Ready status the analyst prepares the change request and links any files for migration to production. After the migration is complete the analyst will change the status to Released. After all the actions are accomplished for production, the requirements status is changed to Closed and the closure reason to Released. That completes the Enterprise Workflow process and the desired system change is released to all users with the new system capability. Impact of the System The lack of StarTeam would hamper the developmental cycle and dramatically increase the time it would take to implement a new IT system. StarTeam is the glue that holds the entire system together. It documents all of the steps in the development cycle. All comments and notes are store on the StarTeam server. If someone needs to go back and check to see if a step was missing, that information is available for everyone on the project team to look at and evaluate. Life without StarTeam would definitely cause our employees to do everything manually. Doing things manually will dramatically increase the time spent on a project, as well as an increase in cost to pay the employees for the additional time needed to process each project. An increase of employees would also be required in order to keep track of each project status. Doing things this way will cause a tremendous delay and an increase in the cost of any system enhancement submitted, which in turn can cause mission degradation for the Air Force. One negative impact StarTeam has, is that the main users of the system are overly-dependent on the system and are not able to accomplish their job if the system was to go down because every change requirement project they are working on is stored in StarTeam. They have no other tracking mechanism they use to track and store the requirements that are being worked. Conclusion StarTeam is a critical system to the Air Force development cycle because of what we use it for. Ive discussed how we used StarTeam through the enterprise workflow process. The first step is for the BPO to submit a needs requirement statement into the Requirement Management System which then flows into StarTeam. Once the requirements needs statement is submitted, the appropriate functional system manger evaluates the request, then decides if the request should be perused. If the project is given the go ahead, the project moves to the next step in the requirements process which is the project development. While in project development, the software developers begin to write code and develop the system. After the development is complete, the project, then moves into the testing cycle. In the testing cycle, bugs and defects are found and fixed. The main goal of testing is to ensure the system works as designed. Once testing is complete the project is deployed with the new or updated syste m capability. The lack of StarTeam will definitely delay any system enhancement submitted and cause us not to complete our Air Force mission.

The Ethics of Gun Control Essay -- Constituton Bill Rights Right To Be

The Ethics of Gun Control The phrase "Gun Control" means different things to different people. One bumper sticker states that "Gun Control means hitting your target." However one defines gun control, the mere mention of it brings controversy. Opposing sides have for years fought over the laws that govern firearms. For the purposes of this paper "Gun Control" is defined as policies enacted by the government that limit the legal rights of gun owners to own, carry, or use firearms, with the intent of reducing gun crimes such as murder, armed robbery, aggravated rape, and the like. So defined, gun control understandably brings favorable responses from some, and angry objections from others. The gun control debate is generally publicized because of the efforts of the Pro-Gun Lobby or the Anti-Gun Lobby. The best known of the Pro-Gun Lobby is the NRA, headed by Charlton Heston and Wayne LaPierre. The Anti-Gun Lobby includes such organizations as Handgun Control, Inc., The Violence Policy Center, and the ACLU, and is commonly associated with such figures as Sarah Brady. It is doubtful that anyone would dispute that reducing violent crime is a good thing. Most pro-gun lobbyists will concede that guns are used in violent crimes, and that guns act as an enabler for criminals. It is impossible to deny that mass shootings could not be carried out without guns. This fact is generally the basis of the anti-gun movement. They argue that since guns are commonly used in the commission of crimes, and since guns are inherently dangerous because of their primary function (the primary function being the destruction of the target), that guns should therefore be outlawed. The pro-gun... ...der rate because Americans own so many guns." http://www.guntruths.com/myths/united_states_has_such_a_high_mu.htm. 28 July 1999. "Only the police are trained enough and responsible enough to carry guns". http://www.guntruths.com/myths/only_the_police_are_trained_enou.htm. 28 July 1999. "Proof Positive: Gun Control Increases Violent Crime". http://www.guntruths.com/resource/australia.htm. 28 July 1999 Reese, Charley. "American Citizens Have the Right to Bear Arms". http://www.guntruths.com/guest% 20correspondent/american_citizens_have_a_right.htm. 28 July 1999. Schultz, Daniel J. "It's Hard to Argue With the Founders". http://www.guntruths.com/schultz/it.htm. 28 July 1999. "This is America. The government is never going to turn into a tyranny." http://www.guntruths.com/myths/tyranny.htm. 28 July 1999.

James Gregory :: essays research papers fc

James Gregory is described as "the greatest scientist associated it St. Andrews". Gregory contributed many diverse consepts and helped spread the new teachings of his time. CHILDHOOD & EDUCATION James Gregory was born in a small town just outside of Aberdeen, called Drmoak, Scotland. When he was little James suffered from quartan fever for a year and a half. Because of the fever he was afflicted with fevers in 72 hour intervals. His mother introduced basic math and geometry at a very young age. Gregory was home schooled untill his fater, a wealthy minister, died when James was about 13 years old. After his father died, his older brother, David, sent him to grammar school in Aberdeed. After finishing grammar school James attended Marischal College, Aberdeen University. MAJOR ACCOMPLISHMENTS Shortly after college he began to study optics and the construction of telescopes, and wrote his first book, Optica Promota ^1. In 1663 James went to London where he published Optica Promota, which discussed topics such as lenses, mirrors, reflection and refraction, paralax and transits. Optica Promota also discussed Gregory's most famous invention, the reflective telescope. It later became known and the Gregorian Telescope. However, at the time the telescope was only discussed because the mirror polishers could not polish the mirrors properly, so it was never auctually made untill after Gregory's death. He laso invented the feflective burning mirror. In 1664 James went to Puda, Italy and studied under Stefano degli Angeli in geometry, mechanics, and astronomy. While he was there, the published two more worksVera circuli et hyperbolae in which James showed how to compute logarithms by finding the areas of inscribed parallelograms between a hyperbola and its asymptotes, thus leading t o the term "hyperbolic logarithms" in 1667. ^2 And Geometriae para universalis where he attempted to prove that the (little shape thingy that i cant type ...looks like a n mixed with pi) and e are transcendual, unfortunatly, his arguments contained a subtle error which was published in 1668, right before he left Italy for London. In 1668, he was elected as a member of the Royal Society of London. James was appointed the chair professor of mathematics at the University of St. Andrewsin 1669 where he greatly improved the mathematics department. He bought instruments such as clocks, astrolabes, and an armillary spere, he also planned an observatory. However, the masters of the university began to dislike Gregory's new teachings.

Inuits of Greenland: An Adaptive Society Essay -- Geography Geographic

Inuits of Greenland: An Adaptive Society In a world far different from our own in the Northern Hemisphere lies an indigenous society known as the Inuits. Specifically focusing on the Inuits of Greenland these people have adopted various risk management strategies which has enabled them to survive in a harsh arctic environment. In indigenous cultures, their well-being and sustainability is managed through control of population growth like most present day indigenous societies have been influenced by western ideas and technologies, in which some of these influences have been beneficial while other western influences have threatened their traditional way of life. The Inuits or â€Å"Kalaallit† are the native people of Greenland, they have lived there for almost one thousand years. Today Greenland’s population is around 55,000, 85 percent of whom are Inuit (Caulfield:1997,1). The national language is Greenlandic, which is an branch of Inupik, or Eskimo language. There are three dialects according to the region in which they are spoken, such as West Greenlandic, East Greenlandic and Polar-Eskimo. Hunting, along with fishing is fundamental to their livelihood. Today, the Inuits are highly dependent on traditional methods of obtaining food through hunting and fishing. Inuits were first introduced to Westerners in the Thirteenth century. The encounters began between the Norse colonists on Western shore and Inuit hunters. During the 17th and 18th centuries, traders returned to Europe with many artifacts from the Inuits. They also took these indigenous people as slaves, stolen from their native land to be put on display. The Inuits were viewed as heavy but happy people surviving in a rough environment. These i... ...Wendell H., Eskimos and Explorers. Novato, California: Chandler and Sharp Publishers, Inc., 1979. Lamblin, Robert Joelle, â€Å"Socio-demographic situation of the Yuit and Inuit Eskimos and Chukchis of Chukotka.† Etudes/Inuit/Studies, v. 17 (2): pp.73-96, 1993. Silis, Ivars. â€Å"Narwhal Hunters of Greenland.† National Geographic v.165: pp. 520-539, 1984. Smith, Eric A., Smith Abigail S., Inuit Sex-Ratio Variation, Population Control, Ethnographic Error, or Parent Manipulation.† Current Anthropology, v.35 Dec. Dec.1994, p.595-604. Weissner, Polly, â€Å"Risk, Reciprocity and Social influences on !Kung San Economics.† Course packet, p.43-55. Britannica Encyclopedia Online. http://www.Encyclopedia Britannica Encarta Encyclopedia Online Deluxe. http://www.encarta.com Greenland Guide.http://www.greenland-guide.com

Home Depot

In addition they also responded to concerns bout its environmental impact by creating new standards to govern its relationship with its suppliers. The legitimacy of the company and stakeholders also showed because they wanted to make sure that Home Depot's appearance of being environmentally responsible is not a sham. Home Depot showed their urgency by responding immediately to growing need for large corporations to become economically responsible. Home Depot strategies and performance with the environmental and employee stakeholders is a proactive approach as well as doing ore than what is required in the industry.They have donated millions to Red Cross and other relief funds, they also opened workshops for women, children and new homeowners. This earned them a â€Å"A† on the Council on Economic Priorities Corporate Report Card and a Proactive on their business approach to be environmentally and socially responsible. Home Depot Justified the budgeting of so much money for ph ilanthropy as a publicly traded company because they feel that this is something the stakeholder like to see in a company.When Home depot suspended the stock uh-back program in 2007 to avoid losses and to prevent from borrowing they used their own revenues to cover their expenses. The stakeholders and customers were happy that the company could stay a float as well as donate millions to environmental and social issues. Home Depot may also benefit from some type of scholarship fund or tuition reimbursement program for the employees. Or saving as many tree in the Rain Forest as they cut down in other forests by donating. Home Depot stopping expansion of new stores and upgrading the remaining stores seem to e a good strategic plan.By using their on revenues to cover their expenses instead of borrowing prove to be a good measure as well because as the recession subsides they were still the number one in the industry and did not owe any creditors. My suggestion to the CEO is to continue doing as you are and you will continue to be number in the industry. Key Stakeholders And Concerns : Shareholders: economic and profit concerns Employees: EEOC concerns Environmental: Abiding by Environmental Principles Customers: has the stores improved Key Facts:Home Depot manage customers relations by consolidating marketing and merchandising functions; Which helped customers to do home improvement projects more effectively and efficiently. The company had its ups and downs with its ratings due to their proactive approach. They showed good customer service and social responsibility by starting workshops for women, children and new home owners to teach them basic carpentry skills, starting as young as five years old. Home depot Environmental initiates started when they adopted a set of environmental principles .Guided by these principles, Home Depot has initiated a number of programs to minimize the firm's and its customers impact on the environment. Home Depot focuses corporate s ocial responsibility efforts on affordable housing and disaster relief. In 2002 the company founded the Home Depot Foundation, which provides additional resources to assist nonprofits in the United States and Canada. 1997 the company settled a class- action lawsuit brought by female employees who alleged that they were paid less than male employees, awarded fewer pay raises, and promoted less often.Home Depot encourages employees to become involved in the community through volunteer and civic activities. Home Depot has worked to show that it appreciates workforce diversity and seeks to give all its associates an equal chance to be employed and advance in its stores. CEO Frank Blake decided to halt expansion and focus on improving existing stores. Shut down expo stores that catered to the wealthier class. Home Depot reaction to the recession was swift and decisive. Initiated new technology to improve customer service and become more efficient. Home Depot The home depot has been around for many many years. It all started out a partnership and became a corportation that it currently is today. The Home Depot was founded in 1978 by two poor men. Their names were Bernie Marcus and Arthur Blank. They were accompanied by investment banker Ken Langone and merchandising guru Pat Farrah. They not only have stores throughout the United States but the Home Depot is a multinational corporation. They have broken into Canada, District of Columbia, Puerto Rico and Mexico. They are the United States’ largest retailer behind Wal-Mart.They are the largest home improvement retailer though. In 2000, the arrival of the new Chief Executive, Robert Nardelli, had changed the business strategy of the Home Depot to a more militaristic style. Under Nardelli's leadership, Home Depot is becoming more centralized and the good financial reports following this are signs that it a good strategy. Nardelli started making the company look and feel like an army. H e loved to hire soldiers, because they were already trained with the discipline that he felt necessary to run a successful business.The Home Depot's stock is traded on the New York Stock Exchange and is included in the Dow Jones industrial average and Standard & Poor's 500 index. The Home Depot’s rival is Lowes. The Home Depot has benefits well from â€Å"Hurricane Preparation. † Since June, the Home Depot has outperformed Lowes by nearly 10% and most of the broader market by 6%. The Home Depot has about 500 more stores than Lowes and its expected sales growth are supposed to increase by a 4. 6% over Lowes. The sales for the fiscal year 2000 were $45. 7 billion, compared to $38. 4 billion in fiscal 1999.As of January 2001, the company was operating 1,134 retail stores in forty-seven states, six Canadian provinces, Puerto Rico, Chile and Argentina. Revenue increased from $45. 7 billion in 2000 to $81. 5 billion in 2005, while profits rose from $2. 6 billion to $5. 8 bil lion. While this was a slower growth rate than Home Depot had experienced in the past, it was because past growth was due to the company's rapid expansion. The Home Depot Direct Stock Purchase Plan (DSPP) enables you to invest a minimum amount in Home Depot stock and build your stock ownership over time.In addition for the Home Depot to grow they will be increasing their quarterly dividend $0. 29. Also the Home Depot has been paying its’ shareholders a quarterly dividend for over a 100 consecutive quarters, currently yielding at 2. 05%. In the past couple of years the profit margin of the Home Depot has gone up. In 2009-3. 17%, 2010-3. 95%, 2011-4. 90%, 2012-5. 51%, last twelve months-5. 96%. The cash flow from the Home Depot is approximately $6. 6 billion. The key for the Home Depot will be revenue growth. The future looks very bright for the Home Depot to invest stock into as long as it can grow revenue for the next year. However, this year the company reported revenues tha t seem to be in a down-spiraling situation. This month the â€Å"orange giant† is being faced with a serious drop in its earnings per share and many analysts are contributing this drop to the possibility that Home Depot may of hit the wall. With analysts banking on a 25% growth rate, Home Depot barely managed to achieve half of that; reporting only 13% in its fiscal third quarter earnings. There are many reasons for this outcome and there are ways that Home Depot plans on overcoming these â€Å"threats† that are reducing their earnings. The Home Depot is a Home Depot The home depot has been around for many many years. It all started out a partnership and became a corportation that it currently is today. The Home Depot was founded in 1978 by two poor men. Their names were Bernie Marcus and Arthur Blank. They were accompanied by investment banker Ken Langone and merchandising guru Pat Farrah. They not only have stores throughout the United States but the Home Depot is a multinational corporation. They have broken into Canada, District of Columbia, Puerto Rico and Mexico. They are the United States’ largest retailer behind Wal-Mart.They are the largest home improvement retailer though. In 2000, the arrival of the new Chief Executive, Robert Nardelli, had changed the business strategy of the Home Depot to a more militaristic style. Under Nardelli's leadership, Home Depot is becoming more centralized and the good financial reports following this are signs that it a good strategy. Nardelli started making the company look and feel like an army. H e loved to hire soldiers, because they were already trained with the discipline that he felt necessary to run a successful business.The Home Depot's stock is traded on the New York Stock Exchange and is included in the Dow Jones industrial average and Standard & Poor's 500 index. The Home Depot’s rival is Lowes. The Home Depot has benefits well from â€Å"Hurricane Preparation. † Since June, the Home Depot has outperformed Lowes by nearly 10% and most of the broader market by 6%. The Home Depot has about 500 more stores than Lowes and its expected sales growth are supposed to increase by a 4. 6% over Lowes. The sales for the fiscal year 2000 were $45. 7 billion, compared to $38. 4 billion in fiscal 1999.As of January 2001, the company was operating 1,134 retail stores in forty-seven states, six Canadian provinces, Puerto Rico, Chile and Argentina. Revenue increased from $45. 7 billion in 2000 to $81. 5 billion in 2005, while profits rose from $2. 6 billion to $5. 8 bil lion. While this was a slower growth rate than Home Depot had experienced in the past, it was because past growth was due to the company's rapid expansion. The Home Depot Direct Stock Purchase Plan (DSPP) enables you to invest a minimum amount in Home Depot stock and build your stock ownership over time.In addition for the Home Depot to grow they will be increasing their quarterly dividend $0. 29. Also the Home Depot has been paying its’ shareholders a quarterly dividend for over a 100 consecutive quarters, currently yielding at 2. 05%. In the past couple of years the profit margin of the Home Depot has gone up. In 2009-3. 17%, 2010-3. 95%, 2011-4. 90%, 2012-5. 51%, last twelve months-5. 96%. The cash flow from the Home Depot is approximately $6. 6 billion. The key for the Home Depot will be revenue growth. The future looks very bright for the Home Depot to invest stock into as long as it can grow revenue for the next year. However, this year the company reported revenues tha t seem to be in a down-spiraling situation. This month the â€Å"orange giant† is being faced with a serious drop in its earnings per share and many analysts are contributing this drop to the possibility that Home Depot may of hit the wall. With analysts banking on a 25% growth rate, Home Depot barely managed to achieve half of that; reporting only 13% in its fiscal third quarter earnings. There are many reasons for this outcome and there are ways that Home Depot plans on overcoming these â€Å"threats† that are reducing their earnings. The Home Depot is a

Catholic Church from Apostolic times until the present Essay

The development of priesthood within the Catholic Church from Apostolic times until the present has resulted in various improvements and changes in the sacrament of holy orders. This paper traces the roots of priesthood,   the duties and responsibilities of the ordained priest, and his forms and functions in the Catholic Church. One good excerpt is the saying from Spiderman: â€Å"With great power comes great responsibility.† We can replace the first word in the profession of priesthood and say: â€Å"With great faith comes great responsibility.†   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   What is the Catholic Priesthood? It is   a divinely instituted sacrament that Christ Himself instituted as how the same Council of Trent explains in relation to the events of the Last Supper. â€Å"The Catholic priesthood is a state of life.† It follows logically on what the Church teaches–that   the priesthood is a sacrament that imprints an indelible character. Given that fact it must also be to say the least a permanent state of life. That requires a special divine vocation. (Hardon, 1998)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Priesthood’s origin is from Jesus Christ, the great High Priest, who, according to the Hebrew Chapter of the Bible 7:26 and 8:2,   â€Å"[w]as holy, blameless, unstained, separated from sinners of the world, exalted above heavens†¦a minister in the sanctuary which is set up not only by man but by the Lord.† Being the heavenly and high priest above all men, he offered himself as a sacrifice by being crucified on the cross and conferred his priesthood to his apostles (John 20:21-23; Matthew 28:19-20; Mark 16:15-18; and Acts 2:33, King James Version).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The unbroken chain of priesthood was passed on from the apostles of Christ to the first first ordained clergymen and through their successors. It was called an Apostolic Succession and was considered as a fundamental teaching on the Orthodox Church. Only through the Apostolic Succession can the clergymen receive the authority to become real representatives of Christ and the Apostles of the Church. (Orfanakos, 2008).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   As successors of the Apostles and representatives of Christ in His Church, clergymen  Ã‚   continue the work of Jesus. They teach the word of God; offer the Holy Eucharist and administer the other sacraments; they govern the Church and take care of the spiritual needs of the members of their congregations. (Orfanakos, 2008).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Being a priest is never easy. It requires time and devotion, especially great spirituality. A man who is weak from temptation in doing earthly things and desires more cannot enter this vocation of lifetime devotion to faith.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Priesthood falls under the sacrament of Holy Orders wherein a man goes through ordination and decides to do their part in serving the Church and its people. It is a ministry of meditation between man and God above as he performs the following functions: forgiveness of sins, blessings and casting away evil spirits. Priesthood’s foundation began on the declaration of God about priesthood to St. Peter in the region of Caesarea Philippi: â€Å"To thee I shall give the keys of the kingdom of heaven; whatsoever thou shalt bind on earth shall be bound in heaven; And whatsoever thou shalt loose on earth, shall be loosed in heaven† (Sacraments, 2008). This event also led to the formation of the priest’s responsibility: â€Å"Feed My lambs. Feed My sheep. Feed My ewes† (Sacraments, 2008). Its completion and perfection from that He breathed on them saying: â€Å"Receive ye the Holy Spirit; if ye forgive a man his sins, they are forgiven to him; and you withhold forgiveness of a man’s sins, they shall be held†. (Sacraments, 2008)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In the old times, priesthood was considered as one of generation’s and man’s own choice to go in such ministry wherein their way of living is not merely a basis. In contrast to the new Priesthood by Apostolic succession, Ordination involves laying of hands to those chosen people to become priest granted that a thorough examination of their past life before entering the congregation as well as their thoughts about God is done. Once they are found blameless, they are qualified and blessed to become priest all through their lives.   Former priesthood was done by the use of Material oil but now, it is done through the spirit and laying on of hands (Sacraments, 2008).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   According to the Assyrian Church of the east,   there are certain qualities that a man must possess before entering priesthood. First he, must be blameless. If he was ever married, he should  Ã‚   never have committed adultery. he should also be â€Å"alert mentally, modest, of good behavior, given to hospitality, apt at teaching; not given to wine, not hasty to strike, but patient, not quarrelsome, not greedy of lucre† (Sacraments, 2008). He should also be a great father, â€Å"[o]ne who rules well his own house, having his children under submission to bring them up with all purity† (Sacraments, 2008). He should also a devote Catholic since birth. Similarly, deacons should also maintain a life of purity (Sacraments,2008).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   A clear examination of conscience should be done by men who desire to enter this lifetime vocation. According to St. Paul, â€Å"choosing priesthood is desiring to have a good work with the spirit of God† (Fitzgerald, 1996). Once the decision is made, the full conviction of giving special service to the church and the people of God is expected from people who are ordained as priests.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Based on the Apostolic Customs of the church,   there are three major orders of priesthood: Bishops, Priests and Deacons, each of which requires a special ordination. The Bishop is viewed as the successor of the Apostles while the Priest and the Deacon act in the name of the Bishop. Each order is distinguished by its pastoral responsibilities. Only a Bishop may ordain. Often, other titles and offices are associated with the three orders. The Orthodox Church permits men to marry before they are ordained. Since the sixth century, Bishops have been chosen from the celibate clergy (Fitzgerald, 1996).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Bishop is the highest order of priesthood. The name episcopos was given to the successors of the Apostles (Acts 20:28; 1 timothy 3:1-2; Titus 1:7, King James Version). The term â€Å"episcopos† means overseer and is also called as the Archpriest. This makes him the chief of the priest within a specific territory. There are many bishops worldwide and they are all equal among themselves since they own the same degree of priesthood. However, they are graded in their titles which depend on their administrative power.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Priest occupies the second order of the Holy Priesthood. He is in charge of the community to which he gives spiritual services and where he administers all the sacraments, except ordination. He is the main celebrant during the Eucharist and leads the whole community of God into prayer and blesses them in the name of the Lord .   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The third order belongs to the Deacon or â€Å"diakonos† which means assistant (Matthew 20:26; Acts 6:1-7 King James Version). His main responsibility is to assist the priest during the celebration of sacraments and other church services. He often recites the litanies, gospel readings and other prayers .   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The Catholic priesthood is an institution necessary for Christianity. According to Fr. Hardon (1998), without priesthood, Christianity would cease to exist. If there is no priesthood,  Ã‚  Ã‚   Jesus Christ would not be present in the Eucharist. It is also the duty of priests to give penance to sinners and anoint the sick and dying in the world. They are also the ones who reveal the divine truth to the world. â€Å"In a world without priesthood, Christianity would be a memory but no longer a reality. It would cease to exist on earth in this admittedly, difficult valley of tears† (Hardon, 1998). Controversies in Catholic Priesthood   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The last part of this research discusses the office of priesthood as retrieved from the Jesus is Lord website which will give a clearer view of what the office of priesthood really is:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In the early 1970s, we who gloried in being priests were shocked to read the word of one of our best Roman Catholic Scripture scholars, Raymond E. Brown: When we move from the Old Testament to the New Testament, it is striking that while there are pagan priests and Jewish priests on the scene, no individual Christian is ever specifically identified as a priest. The Epistle to the Hebrews speaks of the high priesthood of Jesus by comparing his death and entry into heaven with the actions of the Jewish high priest who went into the Holy of Holies in the Tabernacle once a year with a offering for himself and for the sins of his people (Hebrews 9:6-7).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   But it is noteworthy that the author of Hebrews does not associate the priesthood of Jesus with the Eucharist or the Last Supper; neither does he suggest that other Christians are priests in the likeness of Jesus. In fact, the once-for-all atmosphere that surrounds the priesthood of Jesus in Hebrews 10:12-14, has been offered as an explanation of why there are no Christian priests in the New Testament period.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Later in the same chapter Brown argues for a priesthood like that of the Levitical class in the Old Testament. He makes his case for the development of such a doctrine by means of tradition. Even those of us who knew very little of the Bible knew that the Pharisees counted tradition superior to the clear Word of God. Brown did more to demolish the conviction that we were indeed priests than to ease our troubled minds.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Now I see that what Brown stated in the section quoted is biblically and absolutely true. Other than the royal priesthood, which applies to all true believers in Christ, there is no office of priesthood in the New Testament. Rather, as Hebrews states so clearly of the Old Testament priests, â€Å"And they truly were many priests, because they were not suffered to continue by reason of death: But this man, because he continueth ever, hath an unchangeable priesthood. Wherefore he is able also to save them to the uttermost that come unto God by him, seeing he ever liveth to make intercession for them† (Hebrews 7:23-25)   Ã¢â‚¬Å"Unchangeable priesthood† means just that in the Greek: aparabatos means â€Å"nontransferable†. The reason it cannot be transferred to men is that its essence is Christ’s own, ..who is holy, harmless, undefiled, separate from sinners, and made higher than the heavens† (verse 26).   (Bennett, 2008)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   There are many claims regarding the divinity and authenticity of Priesthood and being a priest. Depending on ones religion and belief, I can say that Priesthood is one noble job that will continuously challenge every man’s faith and their capacity to handle responsibility guaranteed by strong faith and conviction to God. References Bennett, Richard (2008) The Priesthood. Introduction to the Priesthood by a Converted Priest   Ã‚   retrieved January 15, 2008 from: http://www.jesus-is-lord.com/priestho.htm Fitzgerald, Thomas (1996). The Sacraments (Holy Orders). Greek Orthodox Archdiocese of   Ã‚  Ã‚  Ã‚  Ã‚   America Department of Religious Education. Retrieved, January 15, 2008 from:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   http://www.annunciationwi.com/Main/Our_Faith_Articles/Sacraments.html Hardon, John A. (1998) What is the Catholic Priesthood. Inter Mirifica Archives. Retrieved   Ã‚  Ã‚  Ã‚  Ã‚   December 15, 2008 from:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   http://www.therealpresence.org/archives/Priesthood/Priesthood_020.htm Orfanakos, Peter (2008). The Sacrament of the Holy Priesthood. Retrieved, January 15, 2008   Ã‚  Ã‚   from: www.annunciationwi.com/Main/Our_Faith_Articles/Priesthood_Orfanakos.html Sacraments: Priesthood (2008). Assyrian Church of the East. Retrieved January 15, 2008 from:   Ã‚  Ã‚   http://www.assyrianchurch.com.au/priesthood.htm