Bible Essay Example | Topics and Well Written Essays - 1500 words

Book of scriptures - Essay Example De Duve (2005) recommended that Science depends on the hypothesize that the universe complies with characteristic laws and is comprehensible inside the system of those laws, and this conviction is ordinarily shared by an ever-expanding worldwide people including the two theists and nonbelievers, common researchers and non-researchers the same. Truth be told, while pseudo and genuine strict gatherings develop in wide decent variety from New Age to Panentheism, the Christian conviction of God and the Savior stays one of the most captivating strict marvels within recent memory. Lowering and by and large edifying when profoundly comprehended. Thomas Aquinas summarized the response for the inquiry For what reason did the Son of God need to languish over us when he composed: It can be considered in a twofold way: in any case, as a solution for transgression, and also, for instance of the proper behavior. Aquinas contended that notwithstanding all the shades of malice which we bring about by virtue of our transgressions, we have discovered alleviation through the energy of Christ. However, it is no less a model, for the energy of Christ totally gets the job done to mold our lives. Whoever wishes to live consummately ought to never really scorn what Christ hated on the cross and want what he wanted, for the cross epitomizes each ideals. He included that In the event that you look for the case of adoration: Greater love than this no man has, than to set out his life for his companions (New Testament). Such a man was Christ on the cross. What's more, on the off chance that he gave his life for us, at that point it ought not be hard to hold up under whatever difficulties emerge for the wellbeing of he. Together with the uprightness of adoration, Aquinas refered to different excellencies spoke to on the man and the cross: tolerance for bearing the agony, distress and enduring, lowliness for permitting himself to be decided by the furious horde and Pontius Pilate, acquiescence to the desire of His Father, and superfluity. Finney (1851) in his contention introduced 24 reasons why Jesus needed to endure on the cross however this conversation will introduce just those which passes on legislative supporting as: First, he contemplated, is because of God's incredible and sweeping affection citing John (New Testament) God so cherished the world, that He gave His Only Begotten Son, that whosoever believeth in Him ought not die, yet have Everlasting Life (John 3:16). Second, His extraordinary love to the universe everywhere [] see that it was outlandish that the amends ought not apply an astonishing impact over good creatures [e.g., angels] Third, That an unbounded measure of enduring may be forestalled. The connection of Christ to the universe rendered his sufferings so unendingly significant and powerful, as a statement of God's extreme aversion of wrongdoing from one viewpoint, and his incredible love to his subjects on the otherAs an administrative catalyst it is anything but difficult to see the extraordi nary estimation of such a substitute; that from one viewpoint it completely manifested the assurance of the ruler not to yield the authority of his law, and on the other, to reveal his incredible and unengaged love for his insubordinate subjects. In this contention, Finney (1851) cited the

Euro takeover free essay sample

Euro Takeover 2005 A six†party reproduction of takeover challenges Case Structure †¢ Six groups Job Organization Name Case Number Target HoogenFood N.V. UVA-F1497 Marauder Fund Mondiale S.A. UVA-F1498 LBO Sponsor Lanza E Compagnia UVA-F1499 White Knight Alimentos Globales UVA-F1500 Bank Omni Bank PLC UVA-F1501 Bank Euroland Bank A.G. UVA-F1502 Case Structure Euroland Bank Omni Bank Financing Of E2.5b Financing Of E2.5b LBO Marauder Delicate offer E70/shr Possesses 8.3% has E6b capital Target Food Div. Substance Div. Works organization Possesses 10% Target the board Own 60%+ shrs Arbitrageurs Potential Synergy Companions, CEOs sit on each others’ sheets White Knight 1 Case Schedule †¢ Week 7 †Team Meeting †Valuation †¢ Week 8 †Valuation report due before arrangement Valuation report due before arrangement †Negotiation between groups †¢ Week 9 †Case report due †Teams introduction †Discussion Valuation †¢ Target †What is your booking cost, for example most minimal value ready to acknowledge? †¢ Bidders (Raider, LBO, W.K.) ( , , ) †What is your walkway value, I. We will compose a custom exposition test on Euro takeover or then again any comparative point explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page e. most significant expense ready to pay? †¢ Banks †Credit rating, loan fee †Lending limit Structure Credit Analysis †¢ Evaluate post†merger credit value †Statutory versus auxiliary merger †Post merger income †¢ How much cooperative energy to incorporate? What amount of cooperative energy to incorporate? †Post merger obligation level 2 Capital Structure †¢ Senior Debt ††††Term advances Revolving credit Collateralized with resources On Bank’s book Close to certain % of aggregate sum (commonly 60%) No more than certain % of aggregate sum (normally 60%) †¢ Mezzanine or subordinate obligation †Uncollateralized †Higher intrigue †Often offered to bond financial specialists, Banks free †¢ Equity †Investment from bidder Legal versus auxiliary merger †¢ In a legal merger †¢ EBIT(DA) Cov. = Tgt .EBIT ( DA ) ï€ « Bidder .EBIT ( DA ) Int . fromTgt .ExistingDe bt ï€ « Int . fromBidder .ExistingDe bt ï€ « Int . fromNewDeb tFinancing †¢ In an auxiliary merger †¢ EBIT(DA) Cov. = Tgt _ EBIT ( DA ) Int . from _ Tgt _ Existing _ Debt ï€ « Int . from _ New _ Debt _ Financing Imagine a scenario where you purchase just a single division. Exchange †¢ During a preset square of timeframe †Ending speaks to the termination of Raider’s offer †Other groups need to submit open proposals to SH †Arbitrageurs choose who gets the objective Arbitrageurs choose who gets the objective †¢ Written understandings †¢ Confidentiality 3 Dutch Auction †¢ Teams regularly hold up until a minute ago to submit their offer and afterward outbid equals by a little increase. †¢ If this happens we will utilize a Dutch Auction to In the event that this occurs, we will utilize a Dutch Auction to abstain from time†consuming biddings. †Every group present a secret proposal to educator †Highest bidder purchases the objective at the second most noteworthy offer Last Presentation Unique targets and valuation Systems Possible result Choices you need to make in the exchange what's more, how you settle on the choice †¢ Lessons and encounters †¢ Questions and scrutinize of different groups †¢ †¢ †¢ †¢ Remedies †¢ Several numbers in the PDF print out of the displays are inaccurately connected. Utilize the Excel document I give, which has the revised numbers. numbers †¢ LBO firm’s duty letter is from Euroland Bank instead of Omni Bank 4

Blog Archive Wharton Team-Based Discussion 2016 What to Expect and How to Prepare

Blog Archive Wharton Team-Based Discussion 2016 What to Expect and How to Prepare The Wharton School at the University of Pennsylvania plans to send out interview invitations on November 2, and once again the school is using its team-based discussion format to evaluate MBA candidates, in place of a traditional business school admissions interview. Understandably, Wharton applicants get anxious about this atypical interview, because the approach creates a very different dynamic from what one usually encounters in a one-on-one meetingâ€"and with other applicants also in the room, one cannot help but feel less in control of the content and direction of the conversation. Yet despite the uncertainty, here are a few things that interviewees can expect: You will need to arrive at the interview with an ideaâ€"a response to a challenge that will be presented in your interview invitation. Having the best idea is much less important than how you interact with others in the group and communicate your thoughts. So while you should prepare an idea ahead of time, that is only part of what you will be evaluated on. Your peers will have prepared their ideas as well. Chances are that ideas will be raised that you know little or nothing about. Do not worry! The admissions committee members are not measuring your topical expertise. Instead, they want to see how you add to the collective output of the team. After the team-based discussion, you will have a short one-on-one session with someone representing Wharton’s admissions team. More than likely, you will be asked to reflect on how the team-based discussion went for you; this will require self-awareness on your part. To give candidates the opportunity to undergo a realistic test run before experiencing the actual event, we created our Team-Based Discussion Simulation. Via this simulation, applicants participate anonymously with three to five other MBA candidates in an online conversation, which is moderated by two of our experienced Senior Consultants familiar with Wharton’s format and approach. All participants then receive feedback on their performance, with special focus on their interpersonal skills and communication abilities. The simulation builds confidence by highlighting your role in a team, examining how you communicate your ideas toâ€"and withinâ€"a group of (equally talented) peers, and discovering how you react when you are thrown “in the deep end” and have to swim. Our Wharton Team-Based Discussion Simulation allows you to test the experience so you will be ready for the real thing! The 2016-2017 Wharton Team-Based Discussion Simulation schedule is as follows: Group A: Saturday, November 5 at 10:00 AM ET Group B: Saturday, November 5 at 12:00 PM ET Group C: Sunday, November 6 at 12:00 PM ET Group D: Sunday, November 6 at 2:00 PM ET Group E: Monday, November 7 at 6:00 PM ET Group F: Monday, November 7 at 9:00 PM ET Group G: Tuesday, November 8 at 6:00 PM ET Group H: Wednesday, November 9 at 9:00 PM ET Group I: Thursday, November 10 at 6:00 PM ET Group J: Friday, November 11 at 2:00 PM ET Group K: Friday, November 11 at 4:00 PM ET Group L: Saturday, November 12 at 10:00 AM ET Group M: Sunday, November 13 at 2:00 PM ET Group N: Monday, November 14 at 9:00 PM ET Group O: Tuesday, November 15 at 9:00 PM ET To learn more or sign up for a session, visit our Wharton Team-Based Discussion Simulation page. Share ThisTweet Business School Managing the MBA Interview mbaMission Events News University of Pennsylvania (Wharton)

Operations Management - iPhone Supply Chain Management and Networks Free Essay Example, 2500 words

For example, it has been submitted that Apple’s continuous diversification and horizontal integration of effective supply chain management has cemented its position as a central digital player and thereby enhances brand value: â€Å"Competitive advantages such as brand recognition can last a long time and may take a few years to deteriorate† (Hitt. , Black. , & Porter, 2005). If we consider this in context of the 21st century business model, Schumpeter’s proposition clearly remain relevant to operations management and the supply chain network. For example, the manufacturing and service industries are characterised by short product life cycles and large budget requirements for research and development, fuelled by changing consumer habits and requirements (Smith, R.D. 2006). Schumpeter further distinguished between different types of innovation through the creation of novel combinations using existing knowledge, for example the iPhone, which is further evidenced by its sales figures. When the Apple iPhone debuted, it sold 270,000 units at a pace of 150 per minute in thirty hours, each price before contract fees at 499 -599. By early September, the sales had crossed the one million mark, which far outstripped the adoption rate for the original iPod. We will write a custom essay sample on Operations Management - 'iPhone' Supply Chain Management and Networks or any topic specifically for you Only $17.96 $11.86/pageorder now Apple then cut the iPhone’s price by $200 and the price doubled (Trebilcock, 2007). By the year’s end, industry analysts predicted that global consumers would have purchased three million iPhones, with an approximate further seven million in 2008 (Trebilcock, 2007). Moreover, in 2007, Apple finished the year in its fiscal fourth quarter with record revenue and profits. It has been submitted that a central element of this success is logistics management and understanding of the global supply chain (Trebilcock, 2007). Indeed, in the annual supply chain top 25 report 2007, AMR Research praised Apple for superior supply chain capabilities with the iPhone and performance, ranking the consumer maker second in a list of retail and manufacturing heavyweights (AMR Research, 2007 available at www. amrresearch. com/supplychaintop25). From practical perspective, prior to sales of iPhone, it was considered an innovative victory of design and functionality and brand value (Trebilcock, 2007). As with other products such as Xbox, PlayStation3 and Wii, analysts expected shortages when phones went onto sale but this didn’t happen and it has been argued that this pertains to the triumph of the supply chain management as emphasised by Michael Levi, director of operations and solutions strategy at i2 Technologies (quoted in Trebilcock, 2007).

Essay on Segregation in Education in the USA - 739 Words

In 1950, America had come out of World War Two and was once again one of the richest and strongest nations but there still was a group of people who didn’t have the freedom and the equal rights that most Americans had. This group of people had been slaves for the American people until 1865 and had always faced discrimination and violence despite there help in the war effort. The blacks of America had a dream that things would soon change for them and that they would have the same opportunities and the same rights that the white Americans had but this seemed an impossible dream due to segregation, the â€Å"separate but equal† rule in which white and black people of America were separated in†¦show more content†¦The first people to try and challenge the education board were the parents of a young girl called Linda Brown. They believed that the fact their daughter had to travel five miles to school everyday because she was not allowed to attended the white school across the block made the â€Å"separate but equal† rule unequal and finally decided to sue. On May the 17th 1954, the Supreme Court declared, segregated schools are not equal and cannot be made equal, and hence they are deprived of the equal protection of the laws, due to Thurgood Marshall, director of the NAACPs Legal Defense and Educational Fund. Brown V’s board of education helped change America forever. The blacks didn’t get desegregation that easily though and it became a major problem for them. There was lots of resistance in the south and one of the main reasons for this were the politicians as they started to act dictatorially. Whites stared to realise that if they could start become violent at schools then they had a reason to say no to them desegregating schools. Whites were afraid that blacks would advance socially and economically challenging white supremacy and that integration would lead to a â€Å"mongrel race† of people. If there was goi ng to be violence between the whites and blacks wasn’t it better to keep them apart? Whites were afraid that blacks would gain supremacy in the south if they were toShow MoreRelatedBrown V. Board Of Education942 Words   |  4 PagesBrown v. Board of Education was a landmark case that was decided by the Supreme Court of America in 1954. It is a case that is believed to have brought to an end decades of increasing racial segregation that was experienced in America’s public schools. The landmark decision of this case was resolved from six separate cases that originated from four states. The Supreme Court is believed to have preferred rearguments in the case because of its preference for presentation of briefs. The briefs wereRead MoreCivil Rights971 Words   |  4 Pagesimportantly their rights as human beings. America deprived Native Americans of their rights and ways of living by recruiting the young children to try and stop them from growing up to become â€Å"savages,† as the USA described them and instead civilize them and turn them into men of class. The USA though they were doing the Native Americans a favor by civilizing them when instead all they were doing was destroying the most valuable thing a man has in this world which is his family. If being taken awayRead MoreThe Desegregation of Schools as a Major Problem in the USA in the 1950s710 Words   |  3 PagesProblem in the USA in the 1950s Desegregation was introduced as a solution to solving the problem of racial segregation. In order to clearly understand what this involves we need to define what racial segregation is. As the word segregation implies racial segregation therefore, it is discrimination on the basis of race shown through separation from each other, usually in the area of the providing services. However we are going to focus on the area of education in schoolsRead MoreThe Desegregation of Schools as a Major Problem in the USA in the 1950s806 Words   |  4 PagesProblem in the USA in the 1950s Segregation was always one of the layers of the economically rising America. It was the despicable separation of black and white people. This way of life really contradicted the all men are created equal with the right to life, liberty and the pursuit of happiness, commitment which is contained in the US declaration of Independence. However in the 1950s, segregation stepped over its boundaries with the Brown Vs Board of Education case. Read MoreDiverse Student Body from Brown vs. the Board of Education Essay950 Words   |  4 Pagesvs. The Board of Education court case that allows the University of Texas at Austin, along with hundreds of universities, to be have a diverse student body. This case opened new doors to racial opportunities. What started off as a plea for equality, would change the world in its own way. Brown, who is not defined to one person but rather a group that wanted freedom of segregation from schools, would go against the Board of Education in a duel of words to bring an equal education towards all citizensRead MoreHow accurate is it to say that the status of black people in the USA changed very little in the years 1945-1955?1066 Words   |  5 Pagesï » ¿How accurate is it to say that the status of black people in the USA changed very little in the years 1945-1955? I would agree with this statement and say that the status of black people did not change much between the years of 1945 to 1955, I believe that there is a lot of evidence to back me up in my decision, for example, the federal intervention caused by the actions of Harry Truman, direct action from civil rights groups and the role of African Americans within society in this time periodRead MoreEssay on The Segregation of School in America1209 Words   |  5 PagesThe Segregation of School in America In history there are two major turning points in the fight for equal rights. The first was â€Å"Homer Plessey vs. The rail road company† of 1986. Homer Plessey was asked to sit in a black only carriage and refused; he was kicked off the train. He decided to take his case to the supreme court and they ruled in favour of segregation, saying â€Å"separate but equal†. Segregation had been occurring for many years already in the form of â€Å"The JimRead MoreEssay On Plessy V. Ferguson Case Of 18961190 Words   |  5 PagesFerguson was a trial that ruled segregation as legal, as long as separate, equal facilities were provided for both races. After the Reconstruction era had dispersed, the Jim Crow laws appeared. The Separate Car Act was one of the Jim Crow laws enacted upon by the Louisiana State Legislature. This law stated that blacks and whites had to ride in separate, but equal train cars. The phrase, â€Å"Separate but equal†, was a legal doctrine that justified and authorized racial segregation. Although they were claimedRead MoreRacism During The Civil Rights Era1562 Words   |  7 PagesMakenna Johnson Mrs. Walker English 10 23 February 17 Racism in Children The time of racism, segregation, and discrimination in the Civil Rights era was a difficult time for many people: whites, other races, and even children. Racism brought the realization to many people to think about how racism might affect their children and the way they were brought up. The real interesting fact is, that even though most Americans showed concern towards children there wasn t a large percentage thatRead MoreThe Brewton Berrys Model Of Assimilation984 Words   |  4 Pagesminority group as inferior, but accepts them in the society as long as they â€Å"stay in their place† (specified racial roles). It is a form of caste system characterized by clearly defined and well-understood racial roles. There is also little physical segregation because the contact between the two groups follows set patterns established by the dominant group in which it sends the message that there is an inequality of interaction between the two groups. In the paternalistic system, there is also no major

Image of Blood in Macbeth Essay - 710 Words

Macbeth was one of Shakespeares most popular tragedies, but was also considered to be the most violent of them all. There were over 100 instances during which blood was spilled, spoken of, or implied throughout the play. Many people wonder why there was so much bloodshed in Macbeth. Was there truly a purpose, or did the writer just want to use bloody images to invoke fear and suspense? Blood did in fact invoke fear and suspense but it also meant much more than that. The symbol of blood is significant throughout the play, because it is a symbol of honour, sin, and guilt. Shakespeare used the image of blood to represent honour in Macbeth as a symbol of bravery and justice in certain characters. Macbeth made use of his bravery in order to†¦show more content†¦Everyone thought that justice had been served, therefore proving that for every action there will be an equal and opposite reaction. Thus when Macduff got his bloody prize by killing Macbeth, he says, ?Hail King, for so thou art. Behold where stands The usurper?s cursed head.? (V. viii. 64-66). Even though blood was normally viewed as a negative and usually fatal symbol, it actually represented honour repeatedly throughout the play. Sin was symbolized by blood throughout the play by representing the evil qualities of certain characters in the play, and the passing on of blame from the guilty to the innocent. In Macbeth, blood was quite literally a symbol of evil qualities, because in the Elizabethan Era, people believed that those who had thick blood running through their veins were ruthless and merciless people. When Lady Macbeth was plotting out Duncan?s murder, she called upon the devil so that he could ?Make thick my blood, Stop up the access and passage to remorse.? (I. v. 46-47). The transfer of blame from the guilty to the innocent was also symbolized by blood in the play when Lady Macbeth smeared Duncan?s blood on the guards? hands. One instance of the passing on of guilt during the play was when Lady Macbeth told her husband to, ?Go carry them, and smear The sleepy grooms with blood?For it must seem their guilt.? (II. ii. 58-59 + 68). The image of evil qualities and transferring blame was significant in Macbeth, and Shakespeare chose to use blood inShow MoreRelated Blood As An Image In Macbeth Essay549 Words   |  3 Pages Shakespeare uses the symbol of blood in MacBeth to represent treason, guilt, murder and death. These ideas are constant throughout the book. There are many examples of blood representing these three ideas in the book. Blood is mentioned throughout the play and mainly in reference to murder or treason. The first reference to blood is in MacBeths soliloquy in Act 2, Scene 1, Lines 33-61, when Macbeth sees the bloody dagger floating in the air before him. Also in this soliloquy on line 46 he seesRead MoreEssay on Images and Imagery of Blood in Shakespeares Macbeth1256 Words   |  6 PagesMacbeth:   Image of Blood      Ã‚   The tragedy of Macbeth, by William Shakespeare, includes many images the most notable of which is blood. The recurring image of blood appears to be a vessel through which the audience learns more about the character of the main characters, Macbeth and Lady Macbeth.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Lady Macbeth is most noticeably affected by the image of blood; she began making references to it even before the murder of Duncan.   In her pleading to the spirits, Lady Macbeth praysRead MoreDramatic Use of Images of Blood in William Shakespeares Macbeth1699 Words   |  7 PagesDramatic Use of Images of Blood in William Shakespeares Macbeth Macbeth is the story of a nobleman, who, while trying to fulfil a prophecy told to him by three witches, murders his king to cause his ascension to the throne of Scotland. After the Kings death, Macbeth reigns as a cruel and ruthless tyrant who is forced to kill more people to keep control of the throne. Finally, Scottish rebels combined with English forces attack Macbeths castle. A Scottish thane namedRead More bloodmac Shakespeares Macbeth - Images and Imagery of Blood and Sleep922 Words   |  4 PagesBlood and Sleep Imagery in Macbeth  Ã‚   Macbeth screams imagery!   Shakespeare uses imagery of blood and sleep   to create an atmosphere of horror, during the killing of Duncan, which contributes to our sense of Macbeths growing insanity.   Eventually Lady Macbeths final scene is enhanced with the use of blood imagery which reflects her guilt.   Shakespeares use of imagery connects the feeling of horror from audience to play.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Macbeth held such potential for himself. He wasRead MoreEssay about Macbeth Blood1177 Words   |  5 PagesMacbeth Blood Blood is essential to every human beings survival. It is a fluid circulating throughout the body that carries nutrients and oxygen to the tissues in exchange for life and if this was somehow lost then the life would also be lost. It represents life, death, and injury. It is an essential part of life. Without it, we would not live. As a symbol and major theme in Macbeth, Blood is used most often to represent injury and death, but also life. In Macbeth, he uses blood to representsRead MoreTheme Of Blood In Macbeth1200 Words   |  5 Pagespicture in Macbeth. Image patterns. Gender Inversion, fertility, sleep, sensory denial, all of these patterns are depicted in the Shakespeare’s unsurpassed Macbeth. However, there is one pattern that marks the mind more than the others. Blood. A pattern seen in multiple instances in the play, but has a deep-seated meaning with Macbeth and his troubles. Shakespeare uses blood as the main image in Macbeth to reveal the forever impending and mucilaginous power of self torturing guilt. Blood takes a malevolentRead MoreImagery in Macbeth by William Shakespeare702 Words   |  3 PagesImagery in Macbeth The tragedy of Macbeth is a compelling story by William Shakespeare about the fall of a once noble man who becomes a tragic hero. The story of Macbeth is about a man who let his desires result in him becoming an evil man. Shakespeare uses many forms of writing to portray his story; one main technique used is imagery. Imagery is used consistently throughout Macbeth to help the reader thoroughly understand the theme of the play. Many forms of imagery are used, however, theRead MoreTopic Sentence In Shakespeares Macbeth873 Words   |  4 Pages: T In the play ‘Macbeth’, Shakespeare uses brutal imagery, with association of blood. The mood of disgust and horror towards the characters and setting is established by the references to the universal representation of death and pain. The first mention of blood seems to establish a sense of honor. The second mention of blood seems to communicate betrayal. Lastly the third allusion of blood appears to establish a sense of guilt All of these images of blood help develop the atmosphereRead MoreBlood Is Thicker Than Water Essay1592 Words   |  7 PagesBlood is thicker than water. This phrase brings a myriad of thoughts and emotions into the minds of those who hear it. A few individuals may see this expression as nothing more than a simple observation. For most, this phrase would induce strong feelings of love, owing to its idiomatic meaning, that one’s strongest ties are to one’s immediate familial relations. In Macbeth, blood and water are two heavily used image patterns in Shakespeare’s Macbeth, appearing time and time again to haunt MacbethRead MoreBlood Act II : Macbeth844 Words   |  4 PagesBlood-Act II Macbeth: I see thee still; And on thy blade and dudgeon gouts of blood, Which was not so before. There’s no such thing: It is the bloody business which informs Thus to mine eyes. (II.i.52-56) This quote depicts Macbeth hallucinating as a result of the stress caused by the murder he is about to commit (the â€Å"bloody business†). Originally, Macbeth imagines a dagger floating in the air directly in front of him with drops of blood gradually appearing and covering both the blade and handle

Goal of my Life free essay sample

There are many goals that I would love to achieve. I am 30 and had dreamt of achieving a number of goals at 30 when I was 20, some I could but some alas! I couldn’t. ‘Goal achieving is something that you absolutely must do if you wish to fulfill your potential as human being. Goals enable you to do the work you want to do, to live where you want to live, to be with the people you enjoy, and to become the kind of person you want to be. ’ I have grown up learning something alike, receiving valuable lessons from parents, teachers, seniors, reading related books, watching related television programmes and very commonly forming certain specific goals for myself which I would like to announce proudly â€Å"Goals of My Life†, to say * Having simple and respectful life, which we define to be a Perfect Life. * A good job that makes me happy and that makes enough money for me to support my family the people dependent on me. We will write a custom essay sample on Goal of my Life or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page * Most conventionally,to become a good son, a good husband, good friends and a good father in future for sure, when I shall have my own kids. * Expand apply my knowledge Skills. * Try dealing with everything, every problem and find ways to fix it. * Learn from failures past mistakes. Moreover, finding happiness in what I do is also my goal in life because there is no way someone can become successful if they are not happy with what are they doing. Looking back down the line to my previous 30 years or perhaps 20years up to which that I can recapitulate, I realize, setting goals was difficult and how to accomplish is rather much more. Place, Position, Pocket, Power, People and Perception all these are the major influences for setting up one’s goal. So,I believe it’s better to conclude than to get confused. As it is nicely elaborated by Po Bronson in his famous bestseller â€Å"What should I Do with my Life. † Life is a journey filled with lessons, hardships, joys, celebrations, hopes, desires that will ultimately lead us to our destination, our purpose in life. The road will not always be smooth; in fact, throughout our travels, we will encounter many challenges. Some of these challenges will test our courage, strengths, weaknesses, and faith. Along the way, we may stumble upon obstacles that will come between the paths that we are destined to take. In order to follow the right path, we must overcome these obstacles and we often find these obstacles are real blessings in disguise. When things dont always go our way, we have two choices in dealing with the situations. We can focus on the fact that things didnt go how we had hoped they would and let life pass us by, or two, We can make the best out of the situation and know that these are only temporary setbacks and find the lessons that are to be learned. Time stops for no one, and if we allow ourselves to focus on the negative we might miss out on some really amazing things that life has to offer. We cant go back to the past, we can only take the lessons that we have learned and the experiences that we have gained from it and move on. It is because of the Hardships that at the end help to make us a stronger person Looking at the whole thing combinely, I can strongly conclude that the ultimate goal of my life is to be happy, eternally. To achieve these happiness and to achieve the well said ‘Perfect life, as I have told earlier, I need to think of such happiness in my life, I need to dream of those happy moments of my life, and most importantly I need to imagine a wonderful, peaceful, respectful me, my life, my place, my people, my nation, my world, my universe. I need to clear my thoughts and have a clear soul. I truly need to respect the law of nature, as they says the universal law of attraction â€Å"you receive what you give† To start with, I truly have a goal in my mind to be a good human being, a dutiful workman and a responsible citizen. Every morning before going through the newspaper and sighing out the unfortunate, disastrous event happened in Uttrakhand,I want to plan planting some trees near my house, around my neibourhood. Before criticizing the government for failing to punish those inhuman showing disrespect to women, I want to take an oath, to always love and respect my mother, my sister, my wife, and similarly showing respect to women who are also mothers sisters, daughters of other people like me. Finally, I want to wrap up the whole thing and decide if there is any goal in my life I would like to call it as my pursuit of happiness of a happy life. â€Å"Be glad of life, because it gives you the chance to love and to work and to play. †

System Investigation Essay Example For Students

System Investigation Essay System Investigation The Crack Monkey Bookstore has been in business for about six months and wants to expand to the Internet to help move inventory. This bookstore will be dealing in collage schoolbooks only, both new and used. We will start to implement this system by following the Systems Development Life Cycle by starting with the System Investigation. Feasibility StudyPresently we are a local bookstore located in Mesa that has to rely on both word of mouth and local advertisement for business. The books are stored in the back of the building on bookracks in alphabetical order. The Crack Monkey Bookstore has been approved for a 150,000-dollar loan form the government to make these and other improvements. Some of the other improvements are: enlarging the warehouse, redesigning the front of the store and changing the display area. We are hopping to both increase sales and help maintain a more accurate inventory of our books, which will increase our productivity and cash flow. Organizational Feasibility This proposed system would help the store, by increasing the sales and maintaining a more dynamic inventory. With this system in place the hopes of the owners are to be able to expand through out the valley. We will write a custom essay on System Investigation specifically for you for only $16.38 $13.9/page Order now Economic Feasibility This system will help in the moving of books to decrease on hand inventories. It will also reduce manpower needs with a more accurate inventory system. No need of a large filing cabinet system to keep track of paper flow. With the new system we will be able to reach more customers there by increasing revenues. Technical FeasibilityThis would put the bookstore in competition with other bookstores that are already on the web, but with our bookstore being local there will be a faster delivery time. Getting the hardware or software to start this is not a problem with todays technical knowledge. Operational FeasibilityBeing that this is a small business and the owners run it, the acceptance of the new system by the employees should be no problem. Management will support this new system with open arms, being that this is what they want. Suppliers will like the new system for receiving new orders, and the customers will be able to shop from home to get books instead of going to the bookstore. These things found in the investigation are just a few things that are needed to decide whether to up grade their current system or not. System Analysis The organizational analysis or the information systems requirements of the company will be broken down into the needs of the various departments. Then the system will be networked together to integrate the company as a complete information system. Present System Currently there is no E-business system at the bookstore. That is one of many reasons that the Crack Monkey Bookstore is looking into E-business systems. Most of the stores information is a paper trail that requires a lot of time and effort to either find or go back and fix any errors. At the warehouse, along with all the books, is file cabinet after file cabinet, which keeps all of the records for the warehouse inventories. In the accounting/personnel office, there is two file cabinets: one for employee records and the other for accounts receivable and accounts payable. There is another filing cabinet in the store which contains customers records such as addresses, phone numbers, etc., so we are able to conta ct them when either the order is filled or when we find a requested book. Management is designing the new system with emphasis on ease of use so that the labor-intensive duties of everyday filing and bookkeeping are both easy and more efficient. Functional Requirements AnalysisThe new system will consist of five main sections: 1 Warehouse2 Accounting3 Internet4 Point of Sale5.ResourcesWarehouseThe warehouse shall be the center of most activities. Duties range from receiving and shipping inventory to properly identifying storage locations for easy retrieval. This function includes the shipping and receiving not only of new stock, but also of customer point of sale activities. It must be fast, accurate and efficient in order to maintain a sharp business edge over competition. Inventory management has two sections: stock picking / inventory replacement and shipping / receiving. Both will require inventory software as

Excavating the Empty Tomb Essay

Excavating the Empty Tomb Essay Excavating the Empty Tomb Essay Essay on Excavating the empty Tomb: The author of the movie â€Å"general assertion is that the authenticity of the new gospel† is not genuine. The author believes that the books of the new gospel Mark, Matthew, Luke and John are all fabricated as illustrated by (Top Documentaries, online). The author sees these new gospel books as fictional books that were drawn up by authors who were interested in coming up with formidable stories that they wanted the public to read and be fascinated about. The assertions that are illustrated by the author seem to be true. This is because all the assertions that the author are supported with facts. What the author asserts are really interesting and fascinating. This is because first of the statement made about the gospel of Mark. All the old versions of the gospel of Mark did not contain the verses starting with chapter nine. These verses had initially been omitted but eventually were found inserted in the versions that were written later. This is very controversial since the verses that were later inserted seemed to solely support the verdict that Jesus had risen as of the deceased. Although this seems circumstantial with the fact that the general writing flow of these chapters stress on the fact the Jesus arose from the dead along with that he is the only one to be worshipped. The author has very strong arguments against the resurrection of Christ which are strongly supported by the basic facts that he makes through the documentary as explained by (Build Forum, online). Since the books of the gospel were also written anonymously as nobody really knows who their authors are and this is a proven fact. If no one really knows the authors of these books, then their credibility is seriously questioned. The trends that are evident in the documentary are the omission of the last chapters in the gospel of Mark. We note that the earlier versions of Mark’s gospel did not contain the chapters 9 through to 16. To me, this seems an omission and an inclusion in the new version makes the documents questionable. This makes me doubt the whole authenticity of the bible. If these chapters were initially not present, then just along the writing of the new version, some of the bits included make it unbelievable. The whole editing of the gospels to include the new chapters in the later stages make it seem shrouded with mystery. This is really disturbing to note that the earlier version might have been the correct one. The apparent lack of authors of the gospel of the New Testament further put the writings of the bible in complete mystery. What if the bible stories were written as fiction stories just like the odyssey stories? This could help in illustrating how the fictional nature of the bo ok of Mark is. The author of Mark is mysterious and we are shrouded in mystery. How can a book that is written by a mysterious author be credible? The new knowledge that I have acquired from the documentary is the writing history of the New Testament gospels. The detailed history on how all the books of gospel were written has given me a new insight about the build in the writing of books in the bible. The illustration on how the book of Mark was first written is really of interest. The interesting bit of the new versions of the gospel of Mark is on it insisting on the resurrection of Christ. Since the other gospels Mathew, Luke and John were written after the book of Mark, they contain the same message but curiously insist on the last chapters of the book of Mark as noted by (Mindscape, online). The insight of this knowledge was the curiosity in the writing of the books on how the authors were able to read the thoughts of Jesus. Reading someone’s thoughts is something that is impossible and no man can accomplish it unless through miracles. The later books also seem to give more detailed explanations that the original bo ok which is unusual as some of the books described were not present in the book of Mark. The part of the documentary which I disagree with is the parallelism of relation of the events between the odyssey stories and the description of the book of Mark. I think this was a coincidence and the need of the author to find out something that he could compare with his story so as to support the facts. There is no relation whatsoever about the story of a living man and the life history of Christ as noted by (Andrea, online). Since the odyssey story was fictional story, one cannot just pinpoint that the gospel of Mark was also fictional. We normally have fictional stories which are derived or similar to the actual stories. The insistence of Christ that no one tells other his people of who he is was a way to fulfill his will. Without hiding his identity, the purpose which he had been sent to earth to fulfill could not be accomplished. This is in total contrast with what the author wants us to really believe. The story of Jesus Christ on earth cannot be compared with fictional stor ies. Things that Jesus Christ performed were miracles and can never be explained through science history of mathematics.

The Importance of Sales Force for Promoting the Business Activities Assignment - 2

The Importance of Sales Force for Promoting the Business Activities - Assignment Example This research will begin with the statement that Saxon Plumbing Services London Ltd (SPSL) is a plumbing service providing company established in the year 2000. The business operations of the company are directed by two brothers who are Peter Blair and Harvey Blair. There are around 40 employees working for the company. It is located in South London offering plumbing services to small as well as medium-sized retailers, insurance companies and manufacturers. The company possesses a better image and provides superior quality products or services in the market segments. In this respect, it has been observed that the gross profit of the company is around  £1.2 million.   SPSL with its new office in Manchester is required to adopt certain promotional techniques with the objective of executing its business activities in an efficient manner. Moreover, the company has adopted promotional tools such as website, newspaper and word-of-mouth communication. In this regard, the company has pro posed to adopt business-to-business (B2B) marketing with the intention of developing the healthier relationship with its customers. Moreover, the company has planned to acquire B2B with the aim of building the better relationship with its clients and customers. In future, the company also might decide to acquire Business-to-Consumer (B2C) marketing with the intention of improving the effectiveness of their business activities. SPSL with the utilization of the sales force will be able to develop the better relationship with clients or customers. The company with the assistance of sales force will be effective in conveying the message of the company as well as in building an enhanced image in the market segments. The incorporation of the sales force will assist the company in communicating with customers as well as acquiring important information in relation to their attitude towards the products or services of the company. The sales force will enable SPSL in developing and maintainin g a healthier relationship with customers.

Why the Culture of Supernatural is So Popular in Our Society Essay

Why the Culture of Supernatural is So Popular in Our Society - Essay Example Perhaps, it would have been a long journey down the lane of history to bear witness to the rigorous process of relaying accounts from way back the 16th century truth of ‘Bloody Mary’ and see how the modern-day belief significantly deviates from the valid main source. Thus, it is in such fashion of modified storytelling that we cease not as a society to have confidence in thought that supernatural beings cohabitate the Earth. Aside from plain communication, men have established popular media such as the TV, radio, films, and other technologically enhanced means of presenting stories that variably depict a monstrous character. Bram Stoker’s â€Å"Dracula†, M. Shelley’s â€Å"Frankenstein†, as well as S. Meyer’s â€Å"Twilight† saga that promotes a romantic vampire in Edward Cullen all converge to form the typical concept that vampires are fanged bloodsuckers who are normally on the dark side yet are capable of maintaining their you th for eternity. Because of what technology can do through audio-visual effects, the image and role portrayed by a vampire as perceived via the villainous Dracula or heroic Edward Cullen all the more gratifies the public curiosity about the authenticity, if any, of their individual myths. Hogan and Del Toro state â€Å"Science becomes the modern man’s superstition -- It allows him to experience fear and awe again, and to believe in the things he cannot see† (Del Toro & Hogan, NY Times). From the daily encounter of reality and the use of senses, one may find it hard to deny the fact that science and technology work hand-in-hand to make things possible to the extent of stimulating a human psyche toward the realization that there exists a more powerful entity than mankind. Moreover, the findings in â€Å"Why Vampires Never Die†... Aside from plain communication, men have established popular media such as the TV, radio, films, and other technologically enhanced means of presenting stories that variably depict a monstrous character. Bram Stoker’s â€Å"Dracula†, M. Shelley’s â€Å"Frankenstein†, as well as S. Meyer’s â€Å"Twilight† saga that promotes a romantic vampire in Edward Cullen all converge to form the typical concept that vampires are fanged bloodsuckers who are normally on the dark side yet are capable of maintaining their youth for eternity. Because of what technology can do through audio-visual effects, the image and role portrayed by a vampire as perceived via the villainous Dracula or heroic Edward Cullen all the more gratifies the public curiosity about the authenticity, if any, of their individual myths. Hogan and Del Toro state â€Å"Science becomes the modern man’s superstition -- It allows him to experience fear and awe again, and to believe i n the things he cannot see† (Del Toro & Hogan, NY Times). From the daily encounter of reality and the use of senses, one may find it hard to deny the fact that science and technology work hand-in-hand to make things possible to the extent of stimulating a human psyche toward the realization that there exists a more powerful entity than mankind. Moreover, the findings in â€Å"Why Vampires Never Die† suspect that humanity keeps to its core of nature an inevitable attachment to superstitious view of primitive ancestors who are pondered to have beastly and mystical traits.

Standard Grade English Essay Example for Free

Standard Grade English Essay This revision looks more closely at the second purpose of writing which is examined in Standard Grade English to deploy ideas and argue. This means that you are expected to discuss a given topic and to present an argument related to it. Organising a discursive essay There are three basic structures (ways of organising) for the discursive essay * you argue strongly for a given discussion topic * you argue strongly against a given discussion topic * you argue about a given discussion topic in a balanced way. Ideally, you should read these over (and complete any accompanying tasks)before you attempt the test bite. Good luck! Finding information for a discursive essay In the same way as you would look for information for the informative essay, you could try the following areas for information which would support arguments in the discursive essay * any relevant books from any library you can reach (check the non-fiction and reference sections) * the internet * magazines and newspapers * television and video * mums and dads and brothers and sisters and uncles * and aunts and friends . . . . . . ! It is important that you keep a note of where all your information comes from. This will allow you to check it again later, and will also allow you to complete the ‘Sources consulted’ section on the folio tag. Other points If you choose to do the discursive essay remember that you are expected to have a personal opinion try to make clear your personal interest in the issues you are offering for discussion! Remember, in the examination itself, you will not be able to access information, nor take in notes of any description (you wont know whats in the paper anyway!). So, the ideas about access to all of the above sources apply mainly to the completion of discursive essays for your folio. Planning a discursive essay The following basic structure should be employed for writing this essay. * Provide an interesting introduction. * Provide a clear indication of your position, your stance in relation to the topic (are you for or against ?). * Present your first argument, with supporting evidence. * Present your second argument, with supporting evidence. * Present your third argument, with supporting evidence. * Present your fourth argument, with supporting evidence, and so on (the number of paragraphs like this will depend on the number of arguments you can offer). * Indicate, in a single paragraph, that there is another side to this argument, with some idea of the points likely to be made for the view(s) which are opposite to your own. * Reiterate (state again) your position and conclude your essay. This plan is followed in the exemplar essay provided in this revision bite. Introducing a discursive essay The opening of an essay is important. It should capture the readers attention in some way or another. It should avoid being bland or dull. It should invite the reader to read on and create a sense of interest. If the beginning is flat, it will not inspire your audience. Methods of Opening a Discursive Essay The following methods are suggestions. It is up to you to decide which style suits your writing best. Provocative e.g.It is difficult to see how anyone can approve of fox hunting. Balanced e.g.Fox hunting is a subject about which people hold strongly contrasting views. Quotation e.g.Oscar Wilde once described fox hunting as The unspeakable in pursuit of the uneatable.. Illustration e.g.On a glorious autumn morning a terrified, exhausted animal is savaged to death by a pack of baying dogs while a group of expensively dressed humans encourage the dogs in their bloody work. Anecdote e.g.I have always detested fox hunting since I was almost physically sick while watching a television film of the kill at the end of a hunt. Linking ideas in a discursive essay Any well-written piece of discursive writing will flow as one continuous piece despite being made up of three or four different arguments. One of the techniques which can help you to achieve this effectively is the use of linking words. These words are usually used at the beginning of a new paragraph but can also be used to link ideas within a paragraph. Same line of thought e.g. and, firstly, secondly etc., next, furthermore, likewise, in addition, similarly, also, moreover. Conclusion/summary e.g. thus, therefore, consequently, accordingly, in retrospect, hence, in conclusion, in brief, as a result. Definite statement e.g. without question, without doubt, unquestionably, absolutely. Contrasting idea e.g. yet, on the other hand, nevertheless, however, although, conversely, otherwise, on the contrary. Further examples because, for instance, since, for example, so that, despite the fact that, accordingly, although, if, though, unless. Formal tone in a discursive essay It is important when you write a discursive essay to write in a proper formal way. You should not use an informal style to write a discursive essay. In simple terms, this means the following Do| Do not use| Write in proper, complete sentences| Abbreviations (i.e./e.g./etc./UK/)| Use complete words and expressions| Contractions (isnt/dont/wont)| Use proper, standard English| Slang (e.g. bloke/geezer etc)| | Colloquial language (mate/bolshy etc.)| On a slightly different note, you should also try to make sure that you use a decent standard of vocabulary in any formal essay you write. In particular, try to avoid weak vocabulary such as get, got and getting. Relying on this level of vocabulary too often suggests that your power of expression is weak. Build up your word power! Discursive essay example In this page, you will concentrate on one discursive essay structure. Below you will find an example discursive essay. Read the essay over carefully. Study it and work out how it has been written. Reading the essay Whilst reading the essay, consider the following questions, writing down your ideas * what is the main idea the writer is arguing about? * each paragraph has a sub-topic which contributes to the essays main topic what does each paragraph contribute to the argument? * what evidence does the writer offer to support the arguments? * which of the three suggested structures identified earlier does the writer adopt in this essay? * does the writer link ideas clearly in the essay? * You will probably want to read the essay over twice to help you answer these questions. 1 A subject which always arouses strong feelings on both sides of the argument is the use of animals in medical research. I believe that, though this may have been necessary in the past, other ways can be developed to test drugs and, in the future, animals should not be used. 2 One of my main reasons for saying this is that living tissues can be grown in test tubes and new drugs can be tested on these. Computers can also be programmed to show how medicines will react in the human body. 3 Moreover, animals are not always like humans. They do not suffer from all human diseases, so scientists have to give them the illnesses artificially. The joints in rabbit legs are inflamed with chemicals to help research in rheumatism. These tests do not always work because animals do not react to drugs in the same way as humans. Aspirin, for example, damages pregnant mice and dogs, but not pregnant women. Arsenic, which is a deadly poison for humans, has no effect on sheep, while penicillin, which is so valuable to humans, kills guinea pigs. 4 In addition, I believe that animal experiments should not be used because of the unnecessary pain that they cause to animals. The government introduced new rules about the use of animals in experiments in 1986. Scientists claim that these rules safeguard animals because they state that discomfort must be kept to a minimum and that painkillers must be used where necessary and appropriate. Surely this means, however, that scientists can still decide not to use painkillers in the animal experiments because they do not consider them appropriate. The British Union against Vivisection claims that 75% of animals experimented on are given no anaesthetic. 5 In spite of the claims of some scientists about the effectiveness of animal research, the death rate in this country has stayed the same over the last thirty years. There is also more long-term sickness, even though greater numbers of animals are being used in research. 6 On the other hand, scientists claim that some experiments are so small, for example giving an injection, that painkillers are not needed. They also argue that experiments on animals have been very useful in the past. For instance, the lives of ten million human diabetics have been saved because of experiments with insulin on dogs. Dogs also benefited, as the same drug can be used on them. In fact, a third of medicines used by vets are the same as those used by doctors. 7 It is argued by researchers that the use of animals in experiments cannot be replaced by methods using living tissue which has been grown in test tubes. These tests do not show how the drugs work on whole animals and so they only have limited effectiveness. 8 Although I accept that some drugs can be used on animals and humans, this does not mean that they have to be tested on animals in the first place when alternative methods are available. Alternative methods do work. Various groups have been set up to put money into other ways of researching. For example the Dr. Hadwen Trust has shown how human cartilage can be grown in test tubes to study rheumatism. Similar research is being done into cancer and multiple sclerosis. Tests can be done on bacteria to see whether a chemical will cause cancer. There is even a programme of volunteer human researchers, where people suffering from illnesses offer to help in research. 9 In conclusion, I accept that animal experiments have brought great benefits in the past, but now money needs to be spent on developing other methods of testing drugs and medical procedures, so that the use of animals can be phased out altogether.

Margaret Atwoods The Handmaids Tale Essay examples -- Margaret Atwoo

Margaret Atwood's The Handmaid's Tale Chapter nine opening section two of the novel is mainly recalling the last chapters and about the narrator rediscovering herself, surfacing the truth. In section one we see the narrator talking in the present tense in a very descriptive form, outlining the novel. However in section two we see her talking in the past tense demonstrating the stories she is telling. The separation between the human and the natural world and the narrator’s struggle with language most directly portrays the novel's dualities. In chapter nine there are many areas’s in which specific linguistics are used to tell the story. This is evident in the very opening paragraph of chapter nine, when the narrator says â€Å"The trouble is all in the knob at the top of our bodies†. The noun euphemism ‘knob’ for the head has connotations of a mechanical device which links in to the â€Å"illusion that they are separate†. This creates a binary opposition between emotion versus reason (heart versus brain), creating the idea that the narrator is dislocated form herself. The narrator is sceptical about language as she blames words and makes it the culprit just like when the ‘husband’ kept saying he loved her on page 28. Another area where we see the narrator’s distrust in words is when she clearly states â€Å"I’ll never trust these words again†. The use of this future tense declarative reveals the narrator’s fear and suspicion of words (especially about the word love). The narrator seems to think the entire body should be called the same as she says â€Å"the language is wrong, it shouldn’t have different words for them†. Later we see Atwood displaying the narrator’s pessimistic language when she uses the declarative â€Å"Bu... ...r’s memories more. This is evident in chapter ten whist the narrator is view the scrapbooks, she says â€Å"I couldn’t remember ever having drawn these pictures† and â€Å"I was disappointed in myself, I must of been a hedonistic child†. The verbs clustered together suggest the narrator really struggles to recall her memories. Another key suggestion to the narrator’s fault memory is the way she intertwines the past and present, making the reader at times unaware of which is which, also the way in which the narrator continually contradicts herself. This is evident on page twenty when she is placed in a paradoxical position when she thinks â€Å"if you live in a place you should speak the language. But this isn’t where I lived†. We see the clear contradiction as earlier she stated â€Å"I can’t believe I’m on this road again† notifying the reader that she does belong there.

Technical Data Corporation

Harvard Business School 9-283-072 Rev. December 1, 1987 Th Jeff Parker was 38 years old, and held BS (1965), Master of Engineering (1966) and MBA (1969) degrees from Cornell University. After receiving his MBA, Parker had been employed in a number of positions in the investment industry. From 1969 to 1971, he worked for Smith Barney is m This case was prepared as a basis for class discussion rather than to illustrate either effective or ineffective handling of an administrative situation. Copyright  © 1983 by the President and Fellows of Harvard College. All rights reserved.No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means — electronic, mechanical, photocopying, recording, or otherwise — without the permission of Harvard Business School. Distributed by HBS Case Services, Harvard Business School, Boston, MA 02163. Printed In U. S. A. 1 at er ia Jeff Parker lc an Since it was founded, TDC had proved t o be a more successful venture than Parker had thought probable when he started the company. By mid-1982, the company's revenues were running at an annual rate in excess of $1,000,000 and net profits after taxes were at a $270,000 annual rate. o tb e re Technical Data had been established in November of 1980. The necessary funds for starting the company had been raised by selling a package of debentures and stock representing 10% of the equity in the company to outside investors for $100,000. Parker retained 85% of the company. The outside investors were all active participants in the bond market. pr od uc ed Interdata Corporation supplied a wide variety of economic data and information services to a broad spectrum of firms. Interdata was a privately-held company with 1981 revenues of approximately $83 million. w ith u tp Technical Data was a supplier of data analysis services to the financial community specifically, to participants in the bond market, including bond traders, bond s alesmen, pension fund managers and bankers. er m is si on Technical Data Corporation fro m Scribbled at the bottom of the last worksheet was Parker's initial estimate of the value of his company. His calculations indicated a range of reasonable values from $5 to 10 million. Parker was somewhat aghast at the magnitude of this amount, given the firm's somewhat modest start only one and one-half years previously.When TDC was created in November, 1980 the total capitalization of the company was under $200,000. LA D C us to Jeff Parker, President of Technical Data Corporation (TDC), was going over some worksheets he had recently prepared. He was scheduled to meet the next day with Will Hollister, Chairman of Interdata Corporation. Hollister had asked Parker to discuss a possible investment by Interdata in TDC. Eventually, Hollister had said, Interdata was interested in buying the whole company. m Pu b lis h in g Technical Data Corporation . 283-072 Technical Data CorporationHarris Upham as a fixed income securities salesman. From 1972 to 1975, he was Vice President and Manager of the Corporate Bond Department of A. G. Becker. From 1975 to mid-1977, Parker helped develop a west-coast based bond operation for Loeb Rhoades. In mid-1977, Parker left San Francisco to come to Boston to work for Fidelity Management as a senior, fixed income portfolio manager. At Fidelity, Parker was responsible for managing the fixed income portion of a number of large pension fund portfolios. Th is Virtually all of the data analysis services embodied in TDC's product had been developed by Jeff Parker.During the period he had been employed as a bond trader and as a portfolio manager, he had written a number of proprietary programs to analyze bond data. In 1980, Parker had purchased an APPLE II micro-computer. He transferred all the programs he had developed over the years on large time-sharing systems so that they would run on the APPLE. The process of producing the â€Å"pages† to be sent out over the Telerate system was fairly simple. The requisite data were typed into the APPLE by a clerical worker. Then, the individual 2 m Also, TDC had introduced a number of new analytical services for use by traders of longterm bonds.By April of 1982, the company had expanded the number of pages of information offered from 19 to 40. There were always new ways to analyze or present data on yields and prices. at er ia lc Over the year and a half that the business had been in existence, a number of improvements had been made in the basic product. For example, when first introduced, the analysis of bond prices, yields and futures prices was updated only once a day. However, Technical Data had recently hired someone to update the data and analysis more frequently, in some cases as often as hourly. In the longer run, plans called for continuous updating by computer. n no tb e re pr TDC charged approximately $150. 00 per month per customer for access to its services. This fee was extremely modest in comparison to the other costs incurred by bond market professionals. By mid-1982, the company had over 500 paying subscribers, slightly under 10% of all the Telerate screens in existence. A representative list of customers is provided in Exhibit 2. od uc ed w Technical Data had the right to send out up to 40 â€Å"pages† of information over the Telerate system. Then, Telerate customers could contract separately with TDC to buy access to the TDC pages.Otherwise, the Telerate user could not gain access to the information. ith ou tp er The method of distributing the product was somewhat unusual. The data analysis was sent out over a computer network known as Telerate, the dominant distributor of fundamental data (e. g. , prices and volumes) in the bond business. By mid-1982, Telerate had over 6,000 customers, each of whom had a computer terminal linked electronically to Telerate's central computer. m is si on fro m The product had several components, all designed to provide information useful to bond market traders.For example, one service provided by TDC was an analysis of yield spreads on government securities of different maturities (e. g. , the difference between the yield available on a short-term treasury bill and the yield to maturity on a long-term government bond). A description of the basic product is contained in Exhibit 1. LA D C us to Parker left Fidelity in late 1980 to form TDC. The business plan called for the company to develop an information analysis system for sale to participants in the fixed-income securities business. The latter group would include bond traders, fixed-income salesmen, bankers and pension fund managers. Pu b lis h A Brief History of Technical Data Corporation in g . Technical Data Corporation 283-072 analysis programs were run to create summary reports useful to traders in the bond market. These reports were in turn transmitted directly to the Telerate central computer for transmission over the Telerate system. By mid-1982, TDC had 6 employees, including Parker. Parker was responsible for generating most of the ideas about product enhancements or new product introductions. Jody Morse, a Vice President of the firm, was in charge of office operations.Marketing of TDC's products was done on three levels. First, the Telerate system had certain pages set aside for advertisements. Also, advertisements were placed directly in relevant trade journals. The second level of marketing entailed direct contact by an employee of TDC on the phone. Possible users were identified and a phone call was placed to describe the product in some depth. Parker employed two people in this capacity. He called them â€Å"smilers and dialers. † The third level of marketing was done by Parker. Parker actively sought national exposure in the media.He made numerous presentations during meetings of bond market professionals. And, he made himself easily available to reporters for comments on current conditions in the bond markets. By mid-1982, Technical Data had an excellent reputation for delivering a high quality yet inexpensive product which was useful to investors in fixed income securities. Th Telerate had experienced tremendous growth over the past few years. The number of terminals in place was expected to reach 7,000 over the next year and a half. The company was just beginning to expand into the European market.A further complication in defining the size of the potential market for TDC was that there were suppliers of financial data other than Telerate. It was entirely feasible to provide the basic TDC services over other networks. And, perhaps even more importantly, the scope of TDC's product line could easily be expanded so that the potential market would be very large. In the last decade, there had been an 3 is m at er This list shows the approximate distribution of the existing Telerate customer base. However, Telerate had not come close to capturing 100% of all th e possible consumers of financial data on fixed-income securities. a lc an Total no Customer Type -U. S. Banks Brokers Mortgage Bankers Savings & Loans Insurance Companies Trading Operations and Money Managers Miscellaneous w ith Defining the market to which TDC's products were directed was somewhat difficult. A narrow definition suggested that the current subscribers to the Telerate system were the market. In turn, the distribution of Telerate's customers by type of business is given below: ou Telerate Systems, Inc. Approximate % of Total U. S. 20 % 25 20 7 2 20 6 100 % tb e re pr od uc ed tp er m The Market is si on fro m LA D C us to m Pu b lis h in g . 283-072Technical Data Corporation explosion in the number of types of securities in which money could be invested: stock options, financial futures, bond options, futures contracts on stock market indices were all relatively new investment media. Investors were hungry for information which would help them deal with the myriad choi ces among securities, and it was to this market that TDC would provide its services. For example, the company could provide a service similar to its bond market service to investors in common stocks. The dominant supplier of data in the stock market was a company called Quotron.Quotron had over 50,000 terminals around the world as compared with the 6,000 Telerate terminals. TDC could arrange to distribute a stock analysis service over the Quotron system on terms similar to those governing TDC's relationship with Telerate. It was also possible that TDC could deliver its current bond-based product to Quotron subscribers. To give some idea of the scope of possible products and distribution media, a copy of the Technical Data corporate charter is provided as Exhibit 3. The Competition Th is The company intended in the Fall of 1982 to introduce a brand new service over the Telerate system.Whereas the existing product provided data analysis of longer-term government securities and the rel ated financial futures, the new product would provide similar analysis for short-term financial securities (e. g. , U. S. Treasury Bills, certificates of deposit, and bankers's acceptances). Specialization by investors in the long-term or short-term end of the market suggested that there would not be much overlap in the client base. Both sets of customers, however, were very likely to have Telerate screens already installed as Telerate supplied raw data on securities of all maturities. m Parker had developed a strategic plan for the next several years which called for continued expansion and refinement of the company's current Telerate-based product. at er ia lc Future Plans and Projections an no Parker believed he had a significant advantage over other competitors, given his substantial knowledge of the market. His experience as a bond trader and as portfolio manager was an important asset. tb e re pr However, at least with respect to TDC's existing market niche, TDC's market penet ration was limited more by the ability of the company to contact otential customers and to sign them up than it was by direct competition. od uc ed Also, one of the reasons Interdata had contacted Parker was that the company was interested in expanding its data analysis capabilities. Like Telerate, Interdata was known principally as a supplier of raw data. w ith ou tp Indeed, Parker had discovered that Telerate was interested in developing its own analytical products to transmit over its system. It was possible that such products might be directly competitive to those offered by TDC.Parker knew, however, that Telerate would have to build a completely new department to produce analytical programs. Telerate had traditionally only provided raw financial data to the bond market. er m is si on fro m There were many current and possible competitors in the business of supplying data and analysis to the financial community. Some of these competitors were substantially larger in size than Te chnical Data. LA D C us to m Pu b lis h in g . Technical Data Corporation 283-072 Additionally, TDC planned to diversify away from Telerate as the sole distribution medium for its products.Specifically, the company was discussing arrangements with Quotron and Radiodata. As noted above, Quotron was the dominant supplier of financial information pertaining to the stock market. They were very much interested in performing a similar role in the fixed income markets. And, Parker's firm could provide services to stock investors similar to those provided for bond investors. In particular, Parker and TDC had expertise in some of the recently introduced financial securities – options and futures contracts on stock market indices such as the Standard & Poors 500. Th s m Financial Performance In November of 1980, when the company was formed, sales were zero. By mid-1982, sales were running at an annual rate of slightly over $1,000,000. From the day the company was formed to the end of A pril, 1982, the increment to retained earnings was $179,335. At that date, cash and marketable securities were slightly less than $400,000. Some recent financial statements and the associated notes to the financial statements are included as Exhibit 5. at er ia Current plans called for the introduction of two new software programs by the Fall of 1982.Parker hoped that introducing a complete line of programs with a common user interface would preempt the market, and would effectively create a barrier to entry. lc an no tb At Technical Data, Huebscher was in charge of overseeing the complete process of developing new stand-alone software programs. He would write some of the software himself, and he would assess the attractiveness of programs offered to TDC for resale by outside programmers. e re pr od Parker had recently hired a graduating MBA from Harvard Business School to be a product manager for the software series.Bob Huebscher had been a project manager for a software firm in Bo ston before entering business school. uc ed w In the last three years, the number of micro-computers being used by investment professionals had expanded dramatically. More generally, during this time period, over 1. 5 million so-called personal computers had been sold which could conceivably run software created by TDC. The introduction in late 1981 of a personal computer by IBM was an important event from TDC's perspective because its customer base was more likely to buy personal computers from IBM than from some of the other firms active in the industry. th ou tp er m is si on TDC was scheduled to introduce in July, 1982 the first of what was intended to be a broad line of financial software. The initial product was a yield calculator, and is described in Exhibit 4. The preliminary response in the market to pre-released versions of this product had been overwhelmingly enthusiastic. fro m LA Finally, TDC was in the process of introducing several stand-alone software products. These products were intended to be used by professional participants in the investment community on a personal computer. D C us to Radiodata was a relatively new company.They intended to supply information over the middle part of the FM radio band. The middle part was not used for radio transmission, but could provide a reliable means for transmitting data to specially equipped terminals. m Pu b lis h in g 5 . 283-072 Technical Data Corporation The asset requirements of TDC were minimal. In addition to normal office furniture, the company owned a number of personal computers. A fully equipped APPLE II computer, however, only cost $4,000. 00. When TDC had been formed, Parker had arranged to use the office space of a company active in the bond business.In return for free rent, Parker provided the company with the use of his programs. However, in the Spring of 1982, the company had signed a five year lease on new space in a downtown Boston building. The annual rent on the new office was $45 ,000. In March of 1982, Technical Data had entered into preliminary negotiations with Telerate to extend its contract to distribute its product. The company was attempting to sign a five year contract which would involve TDC paying Telerate a royalty of its Telerate-based revenues. It was very likely that these negotiations would be successfully concluded in the near future.Proforma Revenues and Expenses Th is Parker was in somewhat of a quandry as to how to value the company. Although TDC had been very successful from the start, a great deal of the potential value from operating the company came from future profits. In order to maintain the high rate of growth, the company would have to develop and introduce new products and sustain a strong marketing program. Parker decided that the best way to arrive at an appropriate price for the company was to obtain data on price earnings ratios being accorded in the stock market to comparable companies.Then, these multiples could be applied to the expected earnings of TDC over the next 12 months to arrive at a price. There were several sources of information on price earnings multiples. Parker had found a report which contained data on companies in the computer services industry. The list was compiled by an investment banking firm called Alex Brown & Sons. 6 m at er ia lc an Valuation no tb The three sets of revenue and expense forecasts are provided in Exhibits 6, 7 and 8.Attached to Exhibit 6 are estimates of the market shares necessary to achieve the customer and revenue targets in the base case forecast. e re pr od With respect to expense forecasts, Parker took the approach that at most expenses would be 50% of revenues. Assuming for simplicity an effective tax rate of 50%, the net margin on sales was expected to be 25%. uc ed w The revenue projections were broken down into a number of categories representing specific product line forecasts. In the first year of the forecast period, the bulk of the revenues were ex pected to come from the current Telerate business. th ou tp er Parker had developed three different forecasts for the revenues and expenses of the firm over the next three fiscal years ending October 31: expected values (base case); optimistic (best case) values; and, pessimistic (worst case) values. m is si on fro m LA D C us to The salary levels of the TDC employees depended in part on the level of profitability of the firm. As of April 30, 1982, Jeff Parker was receiving an annualized salary of $125,000. For the six months ended April 30, 1982, the total salary payments of TDC were $126,000. m Pu b lis h in g . Technical Data Corporation 83-072 There were two parts of the report which were of interest to Parker. The first was a list of some financial data on firms in the computer services industry for the period ending March 9, 1982. The list showed prices, dividend yields and price earnings ratios as well as other related data. The list is attached as Exhibit 9. The second part of the Alex Brown report was a graph showing the relationship between the price earnings ratios accorded firms in the sample and the expected long term growth rates of earnings for each. The graph is reproduced as Exhibit 10.Parker had also compiled a list of data on recent initial public offerings. That is, the data described the financial characteristics of companies issuing stock for the first time. These data are attached as Exhibit 11. Finally, Parker had gathered some more detailed information about some companies in businesses not disimilar to that of Technical Data. Some summarized data on Management Science of America, Quotron, Cullinane Data Base and Monchik Webber are shown in Exhibit 12. Th is m at er ia lc an no On the other hand, Parker didn't want to give away the company.He had worked hard for years, and this was the big payoff. He and his family had a lot at stake in the negotiations. This was one of the most important decisions he had ever had to make. tb e re pr T he final issue confronting Parker was how to negotiate with Hollister and Interdata. He knew Hollister well, and wanted to stay on good terms with him, regardless of the outcome of the negotiations. Therefore, he thought he would have to be reasonable in his demands. od uc ed For the purposes of estimating a reasonable discount rate, Parker had gathered some information on the financial markets in April of 1982.These data are provided in Exhibit 13. w ith ou With respect to alternative valuation methods, Parker was interested in seeing if he would arrive at a value different from those estimated by using price earnings ratios if he used discounted cash flow techniques. The questions here involved what the cash flows would be for Technical Data, what the appropriate time horizon for forecasting should be, and what discount rate to use. tp er m is si on There were several issues facing Parker. The first was how to use the information he had gathered above to arrive at a fair price for his company.A second issue was whether or not there was some other way to approach the valuation issue. fro m LA The Meeting with Hollister of Interdata Corporation D C us to m Pu b lis h in g 7 . 8 Th Exhibit 1 is at er ia lc an no tb e re pr od uc ed w ith ou tp er m is si on fro m 283-072 m LA D C us Technical Data Corporation to m Pu b lis h in g . Th at er ia lc an no tb e re pr od uc ed w ith ou tp er m is si on fro m Exhibit 1 (Continued) is m Technical Data Corporation LA D C us to m Pu b lis h 283-072 9 in g . 283-072 Technical Data Corporation Exhibit 2 Technical Data One Federal Street Boston, Massachusetts 02110 617 482 3341Th is 10 m at ACLI Government Securities Aetna Life Insurance Alex Brown & Sons Alliance Capital Management Allied Corporation American General Armco Bache Halsey Stuart Bankers Trust Bank of America Bear Stearns A. G. Becker Brown Brothers Harriman Cargill Investment Services Chase Manhattan Bank Chemical Bank Chicago Corporation Clayton Brokerage C OMARK Conti Commodities Continental Bank Connecticut General Dean Witter Reynolds Discount Corporation Donaldson Lufkin Jenrette Drexel Burnham Lambert Dry Dock Savings Drysdale Securities Ehrlich-Bober & Company Federal Home Loan Bank Federal National Mortgage Assoc.Fidelity Management & Research First Boston First City National Bank, Houston First National Bank of Boston Ford Motor Company Forstmann Leff Associates G. E. Pension GNP Commodities Goldman Sachs E. F. Hutton REPRESENTATIVE SUBSCRIBER LIST Harvard Management Heinold Commodities International Business Machines International Monetary Market Jennison Associates Kidder Peabody Lehman Bros. , Kuhn Loeb Lloyds Bank Mark Twain National Bank Mass. Financial Services MEG Asset Management Mercantile Bank of Canada Merrill Lynch Mobil Oil Morgan Guaranty Moseley Hallgarten Neuberger Berman Norton Simon Paine Webber Wm.E. Pollock T. Rowe Price Putnam Advisory Refco Partners Richardson Securities Scudder Stevens & Clark The Securit ies Group Shearson/American Express Smith Barney Standard Oil of Ohio State of California State of Illinois State of Minnesota State of Wisconsin Thompson McKinnon Travelers Insurance The Treasury Group Tucker Anthony Union Carbide Wertheim & Co. Wheat First Securities The World Bank er ia lc an no tb e re pr od uc ed w ith ou tp er m is si on fro m LA D C us to m Pu b lis h in g . Technical Data Corporation 283-072 Exhibit 3 TECHNICAL DATA CORPORATION CORPORATE CHARTERTechnical Data is in the business of providing decision support systems to the professional investment community. Essentially, the company provides products which enable investors to analyze data in order to make better investment decisions. The data which can be analyzed using Technical Data's products are those pertaining to virtually all publicly traded securities. Examples of securities would include U. S. Government bonds, commodity futures, common stocks and options on stocks. For each possible security, the rel evant data set would include current and historical prices, volume and open interest. Th is m at r ia lc an no tb e re Correspondingly, there are two methods of distributing Technical Data's products to the final customer. The first is over some electronic communications medium. An example would be the Telerate system. Technical Data's customers gain access to the data and analysis by subscribing to certain pages on the Telerate system. There are a number of other competing communications systems, including Quotron and Radiodata. The other distribution method for Technical Data is direct sales of products to consumers. An example would be a software package to be used on a microcomputer to analyze data. r od uc ed w ith ou There are essentially two modes in which the analysis of data can be done using Technical Data products. The first is what can best be described as â€Å"on-line:† that is, the data are analyzed as they are (continuously or periodically) updated on the rele vant securities market. The second mode of analysis is one in which the data are analyzed without immediate, computerized access to updated information. An example of the latter mode would be an analytical package provided to an investor in the form of a stand-alone software routine.The user of such a package would normally be responsible for entering the relevant data. tp er m is si on fro m The analytical tools provided by Technical Data are designed to provide information deemed useful to investors in making investment decisions in an easily understood format. With regard to format, both numerical and graphical displays are employed. LA D C us There are a number of ways in which these data can be analyzed. These include: price or volume trend analysis (so called technical analysis); fundamental analysis (e. g. , the pricing of options); and, relative pricing analysis (e. . , the spreads between the yields on various fixed income instruments). to m Pu b lis h in g 11 . 12 Th Exhib it 4 is at er ia lc an no tb e re pr od uc ed w ith ou tp er m is si on fro m 283-072 m LA D C us Technical Data Corporation to m Pu b lis h in g . Technical Data Corporation 283-072 Exhibit 5 Income Statements* Year October 31 1981 371,557 20,216 17,139 8,240 417,152 391,773 3 Months January 31 1982 201,304 6,262 8,637 655 216,858 207,566 3 Months April 30 1982 241,568 4,557 10,957 1,138 258,220 246,125 6 Months April 30 1982 442,872 10,819 19,594 1,793 475,078 453,691Revenues: Subscription Income Equipment Sales Interest Other Total Revenues Note: Operating Revenues Costs and Expenses: Cost of Equipment Sales Salaries and Wages Other Operating Expenses Rent Interest Total Expenses Pre-Tax Income Taxes: Th is m at er ia lc an no tb e re pr od Current 23,025 39,866 Deferred 2,275 10,224 Total Taxes 25,300 50,090 Net Income 58,124 59,364 Earnings Before Interest & Taxes 78,660 104,192 Note: Depreciation & Amortization 9,154 2,724 Note: Telerate Royalty 74,598 26,911 Note: Rent 0 0 *S ee the summary of accounting principles at the end of this exhibit. s si on 13,984 145,719 161,650 0 12,375 333,728 83,424 3,818 46,325 53,886 0 3,375 107,404 109,454 C us 3,432 60,551 72,492 0 3,375 139,850 118,370 to m fro m LA D uc 45,123 11,410 56,533 61,837 110,788 2,724 26,927 0 ed w ith ou tp er m Pu b lis h 7,250 106,876 126,378 0 6,750 247,254 227,824 84,989 21,634 106,623 121,201 214,980 5,448 53,838 0 in g 13 . 283-072 Technical Data Corporation Exhibit 5 (Continued)Assets: Current Assets: Cash Marketable Securities Accounts Receivable Prepaid Expenses Other Total Current Assets Property & Equipment: Computer Equipment Office Equipment Motor Vehicles Total Property Less Accumulated Depreciation Net Property and Equipment Other Long-Term Assets TOTAL ASSETS Liabilities: Current Liabilities: Accounts Payable Accrued Liabilities Taxes Payable Deferred Subscription Income Total Current Liabilities Long-Term Debt Deferred Income Shareholders Equity: Common Stock Retained Earni ngs 67,927 3,886 20,107 91,920 8,876 83,044 1,238 422,734 73,174 3,886 20,107 97,167 11,525 85,642 1,163 559,953 150,199 49,941 138,041 271 0 338,452 233,048 49,941 187,112 1,476 1,571 473,148 174,384 224,197 217,804 1,135 3,425 620,945 October 31 1981 January 31 1982 April 30 1982 m is si on fro m LA D C us to uc ed w 13,984 56,412 23,025 113,747 207,168 90,000 2,275 19,110 11,625 55,336 198,951 285,022 90,000 2,275 ith ou tp er m Th is 14 m at er ia lc an no tb e re TOTAL SHAREHOLDERS EQUITY pr od 65,167 58,124 123,291 65,167 117,487 182,654 Pu b 75,566 3,886 20,107 99,559 14,174 85,385 1,088 707,418 15,022 27,583 95,740 232,295 370,640 90,000 2,275 65,167 179,335 244,502 lis h in g . Technical Data Corporation 283-072 Exhibit 5 (Continued) Summary of Significant Accounting Policies The Company bills subscription income in advance on an annual or monthly basis.Such billings are recorded as a liability (deferred subscription income) and taken into income ratably over the period tha t they are earned. Marketable securities are recorded at cost, which approximates market value. Th is m at er ia lc an no tb e re pr od uc ed w ith ou tp er m is si on Deferred income taxes relate to timing differences in the recognition of certain expenses for income tax purposes, principally depreciation. fro m Investment tax credits are accounted for on the flow-through method as a reduction of income taxes in the year in which the credits are available for tax purposes. LA D Organizational expenses are being amortized over a period of sixty months. C us Property and equipment are recorded at cost.Depreciation is computed on the straight-line method over the estimated useful lives of the assets for financial statement purposes, and principally accelerated methods for tax purposes. Costs of maintenance and repairs are charged to expense and significant renewals and betterments are capitalized. to m Pu b lis h 15 in g . 283-072 Technical Data Corporation Exhibit 6 Proforma Profit P rojections Expected Values Actual May/1982 Fiscal '82–'83 Fiscal '83–'84 Fiscal '84–'85 Growth Rates REVENUE SOURCE: Telerate: Customers $ Per Month Revenues Quotron: Customers $ Per Month Revenues Radiodata: Customers $ Per Month Revenues Newsletter: Customers $ Per Year Revenues Software: Customers Products $ Per Product Revenues New Bill Product:+ Customers $ Per Month Revenues See Assumptions Below) 553 156 1035216* 750 165 1485000 150 170 306000 250 100 300000 300 100 30000 200 10 250 500000 350 100 420000 0 3041000 760250 900 190 2052000 300 187 673200 500 110 660000 500 125 62500 1000 210 2520000 450 206 1110780 700 125 1050000 15. 47 12. 82 30. 27 C us to m fro m LA D tp er m 700 125 87500 200 30 250 1500000 700 125 1050000 400000 7718280 1929570 is si on uc ed w 200 20 250 1000000 500 125 750000 250000 5447700 1361925 ith ou TOTAL REVENUES no tb Other New Products: Stocks & For. Exchange e re pr od _______ 1035216 Th is Assumptions: 1. Expense Ratio (%) 2. Tax Rate (%) m at er *Annualized ia lc NET PROFIT an 50. 00 50. 00 The â€Å"Bill† Product was the data analysis service focusing on short-term financial securities (e. g. , Treasury Bills) which TDC intended to distribute over Telerate. 16 Pu b 73. 21 10. 00 90. 53 67. 33 11. 80 87. 08 52. 75 11. 80 70. 78 0. 00 73. 21 0. 00 73. 21 41. 42 11. 80 58. 11 NA 59. 31 59. 31 lis h in g . Technical Data Corporation 283-072 Exhibit 6 (Continued) Actual May/1982 ESTIMATED MARKET SHARES: Telerate (Bonds): Total Market TDI Customers Share Quotron: Total Market TDI Customers % Share Radiodata: Total Market TDI Customers % Share Telerate (Bills): Total Market TDI Customers % Share 7000 750 10. 71 24000 150 0. 63 2500 250 10. 0 7000 350 5. 00 8000 900 11. 25 48000 300 0. 63 3700 500 13. 51 8000 500 6. 25 9000 1000 11. 11 60000 450 0. 75 4900 700 14. 29 9000 700 7. 78 13. 39 15. 47 1. 84 58. 11 73. 21 9. 54 40. 00 67. 33 19. 52 13. 39 41. 42 24. 72 Fiscal '82–'83 Fiscal '83†“'84 Fiscal '84–'85 Growth Rates Th is m at er ia lc an no tb e re pr od uc ed w ith ou tp er Note: The other market share figures are not meaningful because TDC's expected share is very small. m is si on fro m LA D C us to m Pu b lis h in g 17 . 283-072 Technical Data Corporation Exhibit 7 Proforma Profit Projections Best Case Values Actual May/1982 Fiscal '82–'83 Fiscal '83–'84 Fiscal '84–'85 Growth RatesREVENUE SOURCE: Telerate: Customers $ Per Month Revenues Quotron: Customers $ Per Month Revenues Radiodata: Customers $ Per Month Revenues Newsletter: Customers $ Per Year Revenues Software: Customers Products $ Per Product Revenues New Bill Product: Customers $ Per Month Revenues Other New Products: Stocks & For. Exchange (See Assumptions Below) 553 156 1035216* 800 165 1584000 300 170 612000 400 100 480000 400 125 50000 1000 190 2280000 500 187 1122000 600 125 900000 600 150 90000 1200 210 3024000 600 206 1481040 22. 47 12. 82 38. 17 41. 42 10. 00 5 5. 56 50. 00 22. 47 83. 71 41. 42 9. 54 54. 92 41. 42 73. 21 9. 54 168. 33 41. 42 11. 80 58. 11 123. 61 73. 70 73. 70 si on fro m tp er uc ed 200 10 250 500000 500 100 600000 100000 m is 300 20 275 1650000 700 125 1050000 400000 7492000 1873000 w

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In 2011 and 2013, I had twoRead MoreWhat is the Definition of Health?939 Words   |  4 PagesWhere there is life there is health. In 1948 the World Health Organization defined health as â€Å"a state of complete physical, mental, and social well-being and not merely the absence of disease or infirmity.† Whereas previously, health had be identified as solely the absence of disease or infirmity. Through research and study, it was recognized that health is the domain of physical and mental functioning. The state of health is then the degree to which these functions are in equilibrium with the physicalRead MoreLearning : Articulating Your Learning898 Words   |  4 Pagesthe beginning of the semester, I had thought of mental health as a simple term that defined a person’s well-being. However, after taking this course, I have been exposed to different perspectives on the term mental health by watching videos, hearing my classmates own lived experiences, and learning abou t the DSM-5. 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