Respect and Why the Marine Corps Has a Rank Structure free essay sample

Respect and why the Marine Corps has a rank structure. There are very few things in the modern military of today or any military that has ever existed before our current military for that matter, that are more important than the rank structure and the the respect that is demanded of you by that rank structure. Those are two very important characteristics of every successful military unit. With added details here and there, in this essay I will mainly be discussing what respect actually is, how being respected is normally earned and in the military how it is demanded of you as a sub-ordinate to any ranks higher than you or in some cases any fellow military personnel who is more senior to you and why. On top of that I will be covering the topic of what a rank structure is, how the United States Marine Corps rank structure operates and more importantly why we as a military whole need it. We will write a custom essay sample on Respect and Why the Marine Corps Has a Rank Structure or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Respect is a word that has a lot of depth to it no matter what way you use it.The word by definition is kinda hard to pin down concretely because it is so subjective and it can be used in many different ways with many different meanings based on the usage. It is a word that everybody wants a piece of no matter how big or small the piece they get is. All definitions aside, the respect that most people want is the respect that is earned by the showing of honorable actions or personality characteristics. Be it dedication and sacrifices for ones job or ones moral and ethical views and principles. These are examples of some traits a person can earn respect from normally.I say â€Å"Normally† because in all facets of life respect is almost always something to be earned and given on a personal level. My personal view is that showing respect is more a statement about us than those to whom we show it. Others may or may not merit our respect, but giving others their dignity protects our integrity and honor. We can set limits, but we do not have to stoop to gross behavior to protect those boundaries. Showing respect to others and allowing them their dignity shows belief in anothers potential and allows healing and growth. We must see that potential. We all need respect, regardless of how immature and gay we behave. We all need others to see our potential and honor it to better encourage us to grow into it. Some respect sound judgement, some strength or power. Some respect altruism, some purposefulness. Parents and teachers may provide initial guidance but what you respect in a person is ultimately your privilege. A Privilege. However skewed my opinion might be the fact is that in most cases respect is earned by the actions towards an individual. All that being said the military works a little different.Respect in the military is demanded of you by your Superior Officers, NCOs and others of same rank that have three months more salt on there collar. This is where not so much the definition but the reason it is given can get shifty. It is when one must absolutely show respect without the normal necessity of actually respecting that person specifically. You are respecting the title held by a male or female that is above you, normally by a pay grade or 4 and in the Commissioned Officers case, on a whole different level than you are as an enlisted man.Not to say that one cannot find an Commissioned Officer or Non Commissioned Officer that actually deserves it for his or her character traits. Because I haven’t met too many Non Commissioned or Commissioned officers that don’t deserve respect for all reasons. Most of the time good leaders are placed in leadership positions. It does happen. Maybe they were crap leaders in the beginning and the weight of the title changed them. Who knows. But in my short boot career as a marine I have found that it is very rare that a person who has actual leadership quality’s gets put in the leadership positions on the underside of the NCO spectrum.More often than not it is the loudest guy who can bench-press the world while still maintaining the stance of the biggest prick in existence that gets placed in those positions. That is my experience at least with E-3 and below in mind. All told, in the military respect fits nut-to-butt with the rank structure that is currently in place. Rank structure is something that has been around pretty much forever. At least as far back to the beginning of pack animals with their alphas and pretty much ever since our slightly less human counter parts be it early man or monkeys began fighting for power over the same stuff we fight over now.Chicks, land, resources and religion. It is the structure that dictates whom is the leader and who is the subordinate. This applies to the military directly, with our own specific rank structure drawn out and stitched on. Its pretty simple. We have the Commissioned Officers at the top of the proverbial pyramid with the warrant Officers in the middle and finally the Non Commissioned Officers which are Enlisted men or women on the bottom. Then placed neatly on the bottom of the crapper underneath all other ranks there are the E-3s and below. Within each limb of rank there are sub ranks with a high and low rank.It all pretty simple. All of this is in place because there has to be a hierarchy of â€Å"leadership† that is strictly followed so that the current mission involved by whomever is completed as quickly and smoothly as possible. Missions can be big or small. It could be making sure bad guys don’t steal nukes or making sure the food doesn’t taste nuked. Regardless, mission success is tantamount and without a system set in place saying who answers to who, it would all likely end in mission failure and Canada pwning us. We cant have that. Because Canada sucks.

Dibujar Conjugation in Spanish, Translation, and Examples

Dibujar Conjugation in Spanish, Translation, and Examples The Spanish verb dibujar means to draw or to sketch. It is a regular -ar verb and follows the same conjugation pattern as other regular verbs like ayudar, tratar, and buscar. This article includes dibujar conjugations in the present, past, conditional and future indicative mood, the present and past subjunctive mood, the imperative mood, and other verb forms. Dibujar Present Indicative The conjugations of dibujar in the present indicative tense follow the pattern of other -ar regular verb conjugations. Yo dibujo I draw Yo dibujo en mi clase de arte. Tà º dibujas You draw Tà º dibujas el mapa para tu abuela. Usted/à ©l/ella dibuja You/he/she draws Ella dibuja el diseà ±o del edificio. Nosotros dibujamos We draw Nosotros dibujamos con lpices de color. Vosotros dibujis You draw Vosotros dibujis retratos muy lindos. Ustedes/ellos/ellas dibujan You/they draw Ellos dibujan figuras en la arena. Dibujar Preterite Indicative The preterite tense can be translated to English as the simple past. It is normally used to talk about events that have been completed in the past. Yo dibujà © I drew Yo dibujà © en mi clase de arte. Tà º dibujaste You drew Tà º dibujaste el mapa para tu abuela. Usted/à ©l/ella dibujà ³ You/he/she drew Ella dibujà ³ el diseà ±o del edificio. Nosotros dibujamos We drew Nosotros dibujamos con lpices de color. Vosotros dibujasteis You drew Vosotros dibujasteis retratos muy lindos. Ustedes/ellos/ellas dibujaron You/they drew Ellos dibujaron figuras en la arena. Dibujar Imperfect Indicative The imperfect tense is normally used to talk about ongoing or repeated actions in the past. It can be translated to English as was drawing or used to draw. Yo dibujaba I used to draw Yo dibujaba en mi clase de arte. Tà º dibujabas You used to draw Tà º dibujabas el mapa para tu abuela. Usted/à ©l/ella dibujaba You/he/she used to draw Ella dibujaba el diseà ±o del edificio. Nosotros dibujbamos We used to draw Nosotros dibujbamoscon lpices de color. Vosotros dibujabais You used to draw Vosotros dibujabais retratos muy lindos. Ustedes/ellos/ellas dibujaban You/they used to draw Ellos dibujaban figuras en la arena. Dibujar Future Indicative The future tense is conjugated by starting with the infinitive (dibujar) and adding the future tense endings (à ©, s, , emos, à ©is, n). It is usually translated to English as will verb. Notice that all of the future tense conjugations except nosotros have an accent mark on the last syllable. Yo dibujarà © I will draw Yo dibujarà © en mi clase de arte. Tà º dibujars You will draw Tà º dibujars el mapa para tu abuela. Usted/à ©l/ella dibujar You/he/she will draw Ella dibujar el diseà ±o del edificio. Nosotros dibujaremos We will draw Nosotros dibujaremoscon lpices de color. Vosotros dibujarà ©is You will draw Vosotros dibujarà ©is retratos muy lindos. Ustedes/ellos/ellas dibujarn You/they will draw Ellos dibujarn figuras en la arena. Dibujar Periphrastic  Future Indicative   The periphrastic future is conjugated using the present indicative conjugation of the verb ir (to go), the preposition a, and the infinitive dibujar. It is normally translated to English as going to verb. Yo voy a dibujar I am going to draw Yo voya dibujar en mi clase de arte. Tà º vasa dibujar You are going todraw Tà º vasa dibujar el mapa para tu abuela. Usted/à ©l/ella va a dibujar You/he/she is going todraw Ella vaa dibujar el diseà ±o del edificio. Nosotros vamosa dibujar We are going todraw Nosotros vamosa dibujar con lpices de color. Vosotros vaisa dibujar You are going todraw Vosotros vaisa dibujar retratos muy lindos. Ustedes/ellos/ellas vana dibujar You/they are going todraw Ellos vana dibujar figuras en la arena. Dibujar Present Progressive/Gerund Form The gerund or present participle is normally used as an adverb or to form progressive tenses like the present progressive, which is usually formed with the auxiliary verb estar. Present Progressive ofDibujar est dibujando Is drawing Ella est dibujando el diseà ±o del edificio. Dibujar Past Participle The past participle is normally used as an adjective or to form perfect tenses like the present perfect, which uses the auxiliary verb haber. Present Perfect of Dibujar ha dibujado Has drawn Ella ha dibujado el diseà ±o del edificio. Dibujar Conditional Indicative The conditional tense is normally used when discussing possibilities. It is usually translated to English as would verb. Notice that all of the conjugations of the conditional have an accent mark on the last à ­. Yo dibujarà ­a I would draw Yo dibujarà ­a en mi clase de arte si tuviera ms tiempo. Tà º dibujarà ­as You would draw Tà º dibujarà ­as el mapa para tu abuela si necesitara direcciones. Usted/à ©l/ella dibujarà ­a You/he/she would draw Ella dibujarà ­a el diseà ±o del edificio si fuera arquitecta. Nosotros dibujarà ­amos We would draw Nosotros dibujarà ­amoscon lpices de color, pero solo tenemos marcadores. Vosotros dibujarà ­ais You would draw Vosotros dibujarà ­ais retratos muy lindos si fuerais artistas. Ustedes/ellos/ellas dibujarà ­an You/they would draw Ellos dibujarà ­an figuras en la arena, pero no se quieren ensuciar. Dibujar Present Subjunctive The present subjunctive is used when a sentence has two clauses and it expresses emotion, desire, doubt, possibilities, or other subjective situations. Que yo dibuje That I draw La maestra quiere que yo dibuje en la clase de arte. Que tà º dibujes That you draw Mam pide que tà º dibujes el mapa para tu abuela. Que usted/à ©l/ella dibuje That you/he/she draw La ingeniera pide que ella dibuje el diseà ±o del edificio. Que nosotros dibujemos That we draw Las instrucciones piden que nosotros dibujemos con lpices de color. Que vosotros dibujà ©is That you draw El cliente espera que vosotros dibujà ©is retratos muy lindos. Que ustedes/ellos/ellas dibujen That you/they draw Los nià ±os quieren que ellos dibujen figuras en la arena. Dibujar Imperfect Subjunctive The imperfect subjunctive can be conjugated in two different ways. The tables below show both options. Option 1 Que yo dibujara That I drew La maestra querà ­a que yo dibujara en la clase de arte. Que tà º dibujaras That you drew Mam pedà ­a que tà º dibujaras el mapa para tu abuela. Que usted/à ©l/ella dibujara That you/he/she drew La ingeniera pedà ­a que ella dibujara el diseà ±o del edificio. Que nosotros dibujramos That we drew Las instrucciones pedà ­an que nosotros dibujramoscon lpices de color. Que vosotros dibujarais That you drew El cliente esperaba que vosotros dibujarais retratos muy lindos. Que ustedes/ellos/ellas dibujaran That you/they drew Los nià ±os querà ­an que ellos dibujaran figuras en la arena. Option 2 Que yo dibujase That I drew La maestra querà ­a que yo dibujase en la clase de arte. Que tà º dibujases That you drew Mam pedà ­a que tà º dibujases el mapa para tu abuela. Que usted/à ©l/ella dibujase That you/he/she drew La ingeniera pedà ­a que ella dibujase el diseà ±o del edificio. Que nosotros dibujsemos That we drew Las instrucciones pedà ­an que nosotros dibujsemoscon lpices de color. Que vosotros dibujaseis That you drew El cliente esperaba que vosotros dibujaseis retratos muy lindos. Que ustedes/ellos/ellas dibujasen That you/they drew Los nià ±os querà ­an que ellos dibujasen figuras en la arena. Dibujar Imperative The imperative mood is necessary when giving orders or commands. There are both positive and negative commands, shown in the tables below. Positive Commands Tà º dibuja Draw!  ¡Dibuja el mapa para tu abuela! Usted dibuje Draw!  ¡Dibuje el diseà ±o del edificio! Nosotros dibujemos Let's draw!  ¡Dibujemos con lpices de color! Vosotros dibujad Draw!  ¡Dibujad retratos muy lindos! Ustedes dibujen Draw!  ¡Dibujen figuras en la arena! Negative Commands Tà º no dibujes Don't draw!  ¡No dibujes el mapa para tu abuela! Usted no dibuje Don't draw!  ¡No dibuje el diseà ±o del edificio! Nosotros no dibujemos Let's not draw!  ¡No dibujemos con lpices de color! Vosotros no dibujà ©is Don't draw!  ¡No dibujà ©is retratos muy lindos! Ustedes no dibujen Don't draw!  ¡No dibujen figuras en la arena!

Case study # An Invisible Superintendent Example | Topics and Well Written Essays - 500 words

# An Invisible Superintendent - Case Study Example However, considering the busy schedule of the superintendent, Dr. Myer could have sought alternative options of communications. For instance provide written a submission of her proposal. The conduct of the superintendent may not be voluntary. Since acquiring his job, he has been provided with numerous tasks that may require more time that he has to attend to all his duties. For instance, he was appointed to the board of a local bank and local United Way (Lecture Notes, 2014, pp.6, Par 2). In this case, the professional conflict between the school and other working positions is created. As a board member, he is required to perform administrative duties in all these institutions. These acquaintances can be attributed to the behavior on being absent in his administrative post at the school. However, at one time the superintendent was attending to a family emergency, and Dr. Myers needed his presence at the school. His absence at work place is also caused by the conflict in his personal relationship and professional life. Dr. Myers was justified and appropriate. As a board member, she had the opportunity to inspire people of Placid Falls. She developed a project that would increase the significance of the school in the district. She was hopeful and accurate that the project would be successful. However, to her disappointment she could get the superintendent to approve of her proposal. Furthermore, she was dissatisfied that she was not provided with the opportunity to present the proposal to the board. For this reason, she was angered by the school administration to ignore the seriousness of the issue. However, she was in a position to push her proposal to the board through other channels. Additionally, she could seek legal guidance from her husband on the best way to handle the situation. The role of a head school administrator requires a person that may spend a lot of time at their work station. For this reason,

The Impact of Macro and Micro Environmental Factors on International B Case Study

The Impact of Macro and Micro Environmental Factors on International Business Activities - Case Study Example Macro environmental influences can better be explained by the use of the PESTEL framework. According to Johnson et al (2006), the PESTEL framework is a framework that can be used to categorise the factors that influence the business environment of an organisation into six main types including Political Influences, Economic influences, Technological influences, Socio-cultural Influences, Environmental influences, and Legal influences. The business environment of Inditex is indifferent as Inditex is affected by governmental laws, international laws, competition from other fashion distribution companies, change in interest rate, politics, technology (Dixon 2007) etc. Industria de Diseno Textil S.A (Inditex) together with its subsidiaries operates as a fashion distribution worldwide (Inditex Review 2008). The company's operations include various phases of the fashion process, such as design, manufacture, logistics and distribution to its own managed stores (Inditex Review 2008). The company offers eight commercial concepts including Zara, Pull, Bear, Massimo Donati, Besishka, Stradivarius etc. The company remains a strategic and a key player in the European fashion and distribution market. For example, despite the global economic crisis, the company announced flat same stores sales for 2008 (Inditex Review 2008). ... The company's operations include various phases of the fashion process, such as design, manufacture, logistics and distribution to its own managed stores (Inditex Review 2008). The company offers eight commercial concepts including Zara, Pull, Bear, Massimo Dolti, Besishka, Stradivarius etc. The company remains a strategic and a key player in the European fashion and distribution market. For example, despite the global economic crisis, the company announced flat same stores sales for 2008 (Inditex Review 2008). However, as part of the mega-environment in which the company depends on to effectively carry out its activities, the creator of the Zara fashion chain is not impervious to the global recession (Inditex Review 2008). 2.0 The PESTLE Framework According to Dixon (2007), the PESTLE framework is a way to understand the industry's external environment, which includes Political, Economic, and Social and Technological analysis. These factors will influence company long-term decisions in an industry. Today's business environment is increasingly becoming more turbulent, chaotic and challenging than ever before and to survive, it is vital that a firm can do something better than its competitors ( Wonglimpiyarat 2004:1). Globalization has not only altered the nature and the intensity of competition but has had to dictate and shape organisations in terms of what consumers want, how and when they want it and what they are prepared to pay for it (Hagan 1996:1). Kanter (1995:71) on his work of "Mastering Change" argues that success in the present day business is not for those companies that re-engineer the way they do things, or for those fixing the past. According to Kanter (1995), such an action will not constitute an adequate response. This is so because success is based on an organization’s ability to create, rather than predict the future by developing those products that will literally transform the way the world thinks and view itself and the needs.     

DBQ Reconstruction Essay Example for Free

DBQ Reconstruction Essay The union victory in the Civil War gave four million slaves their freedom, but reuniting the South with the North introduced a new set of significant challenges. The Congress Reconstruction were the efforts to establish and protect citizens rights of freedom. Democrats led to the failure of the Congress Reconstruction by forgiving those who participated in the Civil War who were still in favor of slavery and inequality. This act of Amnesty led to three major obstacles for reconstruction: the emergence of the Ku Kux Klan, the development of black codes, and the Compromise f 1877. The emergence of the Ku Kux Klan was one of the main contributors to the failure of the Congress Reconstruction, leaving open spots for other major events that brought completely down the reconstruction. On November 23, 1868, in Tennessee, General George Thomas explained that the purpose of the Ku Kux Klan was to allow the Southern people that participated in the Civil War to come in union with those who had abandoned the thought of inequality. This gave them the advantage to bring back inequality and kill black men. (Document 2). By forgiving these Southern people, illing freedmen became easy. These people that were being forgiven had the same mentality from before the war, which was involved with the approval of slavery and the inequality there should be because black men werent like white men. Kenneth Stampp, a history professor form the University of California at Berkeley, expressed himself in The Era of Reconstruction, 1865-1877 about how in May 1872, the Congress developed an Amnesty act to reestablish the right to vote for the majority of those Southerners that had been forgiven. (Document 3). Giving the right to vote to these eople, put the reconstruction in danger. The right of voting allowed Southerners to vote for someone that would still want slavery. Voting for someone with a mentality like that would Just allow slavery back, and thats why The Congress Reconstruction started to fail. Even though the black codes were created with the purpose of giving freedmen equal rights like white men, the codes werent followed correctly and black men were still being discriminated. The black codes were supposed to follow the 13, 14, and 15th amendment, but they werent quite followed the way it was supposed to. Both black and white men were given the same rights, but everything was separated between races, one was for black men and one for white men, showing discrimination. When the black codes were established, black men became freedmen, but even though these men could start living as freedmen, many decided to stay as slaves. In a compilation of these interviews published by Benjamin Botkin in 1945, John McCoy is quoted as saying, l works for Marse John he says one morningJohn, you can go the government say you is free l didnt know nothing what money was, nohow, but I knows Ill git plenty victuals to eat, so I stays (Document 7). The majority of slaves had been slaves through their entire life. These people didnt know how to live themselves. Black men were ignorants on how to live without being a slave, so many, just like McCoy, decided to stay where they were working so their owners would provide them an easier way of surviving even though they were still working as slaves. In 1935, an African-American historian, Dr. W. E. B. DuBois, published a book of the history of Reconstruction where he wrote, Negros who wanted to work must not dabble in politics. Negroes who wanted to increase their income must not agitate the Negro problem in order to earn living, the American Negro was compelled to give up his political power (Document 6). This excerpt of the book shows how black men where not only being discriminated, but being left out politically too. If black men wanted work being freedmen, then they would have to stay out of the political power. White men were powerful and this is why giving up political power wasnt an option, but a forceful act from the white. Black codes were not being followed, white men always managed to find a way to obtain what they wanted. The reconstruction was failing because nobody was respecting laws anymore, and black men couldnt do anything about it besides remaining quiet and following white mens instructions, which became their only real guarantee of surviving. The Compromise of 1877 was created to decide which candidate should be taken as a winner, either Hayes or Tilden, leading towards a decision that helped the Congress Reconstruction fail. As can be seen in the electoral distribution map from the election of 1876, Hayes won by only one electoral vote and lost the popular vote by 254,235. Document 8). The 1877 Compromise was an agreement to take away Northern troops from the South. This agreement was made due to Tildens request so he would let Hayes win. The removal of Northern troops left freedmen without protection, and became easy targets for Southerners to attack. If Hayes wanted to win, he had to accept the request, so he took away the troops because if not, Tilden would have stayed in the power and done worse acts. In November 4 and 5, 1874, the front-page of New York Times published two headlines that announced how Democrats entered he House of Representatives and convert the Congress to be Democratic as well. (Document 5). These Democratic victories helped undermine Congress efforts to help freedmen by creating laws and acts that followed racism ideas. There was no more hope for the reconstruction at this point. Democrats were taking all the power and black men could not do anything anymore. Being free was not an option anymore, but a far away dream instead. Even though black people were given the opportunity to have some rights and equality, the Congress Reconstruction failed because events such as the creation of he Ku Kux Klan, the construction of the black codes, and the Compromise of 1877, kept their old beliefs of slavery and inequality.

Europes Largest Minority Essay -- essays research papers

The Romani people of Europe are often referred to as "Gypsies". Thought they prefer to be called Roma. The Roma are descendants of the ancient warrior classes of Northern India, particularly the Punjab, and they are identifiable by their language, religion, and customs. The "Gypsies" gained there widely known name due to the fact that when they first arrived in Europe people believed that they had migrated from Egypt. Even after this was found to be untrue that name stuck to this minority group. Because recorded history of the "Gypsies" prior to their first documented appearances in Europe in the early 15th century is non-existent, there has been much debate as to their origins and early migration. Based on linguistic evidence, it is believed that the modern day "Gypsies" of the Middle East, Europe, Asia, as well as the Americas, originated in Northwestern India. There is also a general agreement regarding the approximate timing of their immigration. It is believed that the bulk of their immigration was during the 11th century, and took place in three major trips. Though this large group of people have been living in Europe for over ten centuries they are still not treated as equals to this day. The exact number of "gypsies" who live in Europe is unknown and guesses are inaccurate due to their nomadic life style. What is known is that population of "gypsies" is a large one that makes them the largest minority living in Europe. Though large in population they are also largely discriminated against. This discrimination dates back almost ,if not to the of there arrival in Europe. Throughout the centuries they have faced discrimination in many different forms, for a variety of reasons. Also there have been quite a few major outbreaks of intense discrimination that took place in different areas throughout Europe. During medieval times rumors where spread that the "Gypsies" were descended from a sexual encounter between a "Gypsies" woman and Satan. Christians believed that a conspiracy of blacksmiths, wizards and women had been organized to attack... ...ing and placement system for the "Gypsies". These placements and training will helps them to find jobs This is extremely helpful because finding a job can be a extreme challenge to them on there own, due to there lack of training and the widespread belief/stereotype that they are thieves and cheats. The "Gypsies" are a group of people with an extremely rich culture. There performances at festivals and such attract many tourists who find there life styles unique and interesting. The reason this minority group is discriminated against so terribly is not due to being a bad group of people, but a misunderstood group of people. Throughout European society and time there had been and still is a serve lack of understanding about the "Gypsies" which has lead to all the discrimination they have faced and are still facing today. When most people think of "Gypsies" they think of the stereotype "Gypsy", a nomad, a thief, and uneducated. Though finding schools for "Gypsies" can be hard there are "Gypsy" children that attend school. Only a minuet percentage of the "Gypsies" are nomatic.

Marriott Case Hbs

Issue In this assignment, we are asked to compute the WACC of Marriott Corporation and each of the company’s three divisions. Our approach is outlined in the next section. We made a series of assumptions regarding either the available data or the missing information. This has been explained below, in a separate section. Approach We applied the following formulae to calculate the WACC: Our assumptions are explained in the next section. The table below presents the approach for calculations at corporation level and division level according to each of the variables. Marriott’s capital structure comprises debt (fixed and floating) and equity. Marriott CorporationBusiness Lines 1Beta of Debt (?  ¬Ã‚ ¬d)Computed using correlation between S&P500 returns and HG Corp Bonds (recent history is implicitly more weighted), s. d. of the S&P500 and s. d. of the HG Corp Bonds (Exhibit 4)Same 2Risk-Free RateEstimated to be equal to 10y US Gov Interest Rate as of April 1988 (Table B)Same 3Current LeverageUsing financial statements (Exhibit 1), we estimated the market value of debt and divided by market value of assets. Market value of debt is estimated to be equal to its book value. Market value of assets is equal to market value of debt + market value of equity (number of outstanding shares * price per share)N/A 4Market Risk PremiumFrom table of returns (Exhibit 5), taken as the average of spread between rates of return for S&P500 and LT US Gov Bonds, 1926-87Same 5Tax RateEstimated from data in exhibit 1, from ratio between income before tax and net income for year 1987Same 6Beta of Equity (? E), Unlevered ? E Levered can be found in Exhibit 3 for the current debt load. Using the current leverage ratio (Step 3), we calculate the unlevered ? E. Having found unlevered equity betas of comparables from their leverage ratio and levered ? E (Exhibit 3), we averaged the unlevered ? E to get the unlevered ? E for each Marriott division. Restaurants division was mapped on Restaurants comparables, Lodging on Hotels whilst Contract Services was implied from Marriott’s and other two divisions unlevered ? E and their respective share in total assets book value. 7Cost of Equity (RL)We recalculated the new Levered ? E based on target leverage of Marriott (Table A) then, combine the Levered ? E, risk free rate, and MRP to calculated the cost of equity using CAPM relationship. Same, except unlevered beta from previous step was used to calculate levered beta. 8Cost of Debt (RD)See step 7, using Beta DebtSame 9WACCWACC formula accounting for ITS correctionSame, respective target leverage ratios and a ? D equal to Marriott’s ? D were used to estimate WACC. Assumptions †¢Overall Assumptions: Although we assume an ITS, we do not have the data to calculate individual ITS for each division and Marriott. As a result, we assume E*=E (rather than E*=E+ITS) and that the ITS is as risky as debt. We assume debt is perpetual and no growth. Beta of Debt: Although Marriott is one firm, we assume it is fairly comparable to a generic HG Corp, with single A rating. Therefore we performed a linear regression on the rate of returns of HG Corporate Bonds against S&P 500 rate of returns, as a proxy of the market portfolio rate of returns. †¢Risk-free rate: The 10Yr UST is assumed to be the best estimate at company and division level. Ideally, each cash flow shou ld be discounted using a government bond with the same maturity. For this case, the selection of the maturity should one that matches best the entire cash flow stream being valued. Also, 1Yr rate is very volatile and 30Y illiquid and thus there is premium built therein. We have assumed that the rates provided in Table B are for zero-coupon bonds, and USD. †¢Current leverage: Market value of debt is estimated to be equal to its book value. The firm is HG, risk premium for HG bonds is relatively low, and we have no information on coupon level of fixed rate debt. The floating rate debt is likely to trade close to par. For subsequent calculations, we also assumed the average maturity at five years. There is only long-term debt for us to consider. Market risk premium: In the same fashion that we estimate the risk free rate benchmark is 10y UST Bond Interest Rate, so we used the difference of average returns between LT UST Bonds and S&P 500 for the period 1926-87, the longest history available we have. We are aware of the imperfection of using historical rates of return. †¢Average corporate tax rate: We assume that the rate calculated as the average rate ap plied to 1987 is a reasonable proxy for future tax rate. Tax rate is applicable across divisions. †¢Cost of Debt: S&P 500 is also considered to be best proxy available for market portfolio. We also assumed no financial distress, which is reasonable because firm has real assets and overhead cost is 3% of revenue. Competitors and divisions have the same debt beta as Marriott: †¢Beta equity of each division: it has been assumed that the unlevered beta equity of each division is comparable to the average of unlevered beta equity of the comparables identified in the case for each relevant business segment. †¢Weighted average of book value of assets was used to determine the unlevered beta of Contract Division, we assumed this to be a reasonable proxy instead of market value of assets.