Biography of Qin Shi Huang, First Emperor of China

Biography of Qin Shi Huang, First Emperor of China Qin Shi Huang (around 259 BCE–September 10, 210  BCE) was the First Emperor of a unified China and founder of the Qin dynasty, who ruled from 246 BCE to 210 BCE. In his 35-year reign, he caused both rapid cultural and intellectual advancement  and much destruction and oppression within China. He is famed for creating magnificent and enormous construction projects, including the beginnings of the Great Wall of China. Fast Facts: Qin Shi Huang ï » ¿Known For:  First Emperor of unified China, founder of Qin dynastyï » ¿Also Known As:  Ying Zheng; Zheng, the King of Qin; Shi HuangdiBorn:  Exact date of birth unknown; most likely around 259 BCE in HananParents: King Zhuangxiang of Qin and Lady ZhaoDied:  September 10, 210  BCE in eastern ChinaGreat Works:  Beginning construction of the Great Wall of China, the terracotta armySpouse: No empress, many concubinesChildren: Around 50 children, including Fusu, Gao, Jianglà ¼, HuhaiNotable Quote: I have collected all the writings of the Empire and burnt those which were of no use. Early Life Qin Shi Huangs birth and parentage are shrouded in mystery. According to legend, a rich merchant named Lu Buwei befriended a prince of the Qin State during the latter years of the Eastern Zhou Dynasty (770–256 BCE).  The merchants lovely wife Zhao Ji had just gotten pregnant, so he arranged for the prince to meet and fall in love with her. She became the princes concubine  and then gave birth to the merchant Lu Buweis child in 259 BCE. The baby, born in Hanan, was named Ying Zheng. The prince believed the baby was his own.  Ying Zheng became king of the Qin state in 246 BCE, upon the death of his supposed father. He ruled as Qin Shi Huang  and unified China for the first time. Early Reign The young king was only 13 years old when he took the throne, so his prime minister (and likely real father) Lu Buwei acted as regent for the first eight years.  This was a difficult time for any ruler in China, with seven warring states vying for control of the land. The leaders of the Qi, Yan, Zhao, Han, Wei, Chu, and Qin states were former dukes under the Zhou Dynasty  but had each proclaimed themselves king as the Zhou reign fell apart. In this unstable environment, warfare flourished, as did books like Sun Tzus The Art of War.  Lu Buwei had another problem as well; he feared that the king would discover his true identity. Lao Ais Revolt According to Sima Qian in the Shiji, or Records of the Grand Historian, Lu Buwei hatched a scheme to depose Qin Shi Huang in 240 BCE. He introduced the kings mother Zhao Ji to Lao Ai, a man famed for his large penis. The queen dowager and Lao Ai had two sons and Lao and Lu Buwei decided to launch a coup in 238 BCE. Lao raised an army, aided by the king of nearby Wei, and tried to seize control while Qin Shi Huang was traveling. The young king, however, cracked down hard on the rebellion and prevailed. Lao was executed by having his arms, legs, and neck tied to horses, which were then spurred to run in different directions. His whole family was also killed, including the kings two half-brothers and all other relatives to the third degree (uncles, aunts, cousins).  The queen dowager was spared  but spent the rest of her days under house arrest. Consolidation of Power Lu Buwei was banished after the Lao Ai incident  but did not lose all of his influence in Qin. However, he lived in constant fear of execution by the mercurial young king.  In 235 BCE, Lu committed suicide by drinking poison. With his death, the 24-year-old king assumed full command over the kingdom of Qin. Qin Shi Huang grew increasingly suspicious of those around him and banished all foreign scholars from his court as spies. The kings fears were well-founded. In 227, the Yan state sent two assassins to his court, but the king fought them off with his sword. A musician also tried to kill him by bludgeoning him with a lead-weighted lute. Battles With Neighboring States The assassination attempts arose in part because of desperation in neighboring kingdoms. The Qin king had the most powerful army and neighboring rulers feared a Qin invasion. The Han kingdom fell to Qin Shi Huang in 230 BCE. In 229, a devastating earthquake rocked another powerful state, Zhao, leaving it weakened. Qin Shi Huang took advantage of the disaster  and invaded the region.  Wei fell in 225, followed by the powerful Chu in 223. The Qin army conquered Yan and Zhao in 222 (despite another assassination attempt on Qin Shi Huang by a Yan agent).  The final independent kingdom, Qi, fell to the Qin in 221 BCE. China Unified With the defeat of the other six warring states, Qin Shi Huang had unified northern China. His army would continue to expand the Qin Empires southern boundaries throughout his lifetime, driving as far south as what is now Vietnam.  The King of Qin was now the Emperor of Qin China. As Emperor, Qin Shi Huang reorganized the bureaucracy, abolishing the existing nobility and replacing them with his appointed officials. He also built a network of roads, with the capital of Xianyang at the hub. In addition, the Emperor simplified the written Chinese script, standardized weights and measures, and minted new copper coins. Steve Peterson Photography /  Getty Images The Great Wall and Ling Canal Despite its military might, the newly unified Qin Empire faced a recurring threat from the north: raids by the nomadic Xiongnu (the ancestors of Attilas Huns). In order to fend off the Xiongnu, Qin Shi Huang ordered the construction of an enormous defensive wall. The work was carried out by hundreds of thousands of slaves and criminals between 220 and 206 BCE; untold thousands of them died at the task. This northern fortification formed the first section of what would become the Great Wall of China. In 214, the Emperor also ordered the construction of a canal, the Lingqu, which linked the Yangtze and Pearl River systems. The Confucian Purge The Warring States Period was dangerous, but the lack of central authority allowed intellectuals to flourish. Confucianism and a number of other philosophies blossomed prior to Chinas unification. However, Qin Shi Huang viewed these schools of thought as threats to his authority, so he ordered all books not related to his reign burned in 213 BCE. The Emperor also had approximately 460 scholars buried alive in 212 for daring to disagree with him, and 700 more stoned to death. From then on, the only approved school of thought was legalism: Follow the Emperors laws, or face the consequences. Qin Shi Huangs Quest for Immortality As he entered middle age, the First Emperor grew more and more afraid of death. He became obsessed with finding the elixir of life, which would allow him to live forever.  The court doctors and alchemists concocted a number of potions, many of them containing quicksilver (mercury), which probably had the ironic effect of hastening the Emperors death rather than preventing it. Just in case the elixirs did not work, in 215 BCE the Emperor also ordered the construction of a gargantuan tomb for himself. Plans for the tomb included flowing rivers of mercury, cross-bow booby traps to thwart would-be plunderers, and replicas of the Emperors earthly palaces. Tim Graham / Getty Images The Terracotta Army To guard Qin Shi Huang in the afterworld, and perhaps allow him to conquer heaven as he had the earth, the Emperor had a terracotta army of at least 8,000 clay soldiers placed in the tomb. The army also included terracotta horses, along with real chariots and weapons. Each soldier was an individual, with unique facial features (although the bodies and limbs were mass-produced from molds). Death A large meteor fell in Dongjun in 211 BCE- an ominous sign for the Emperor. To make matters worse, someone etched the words The First Emperor will die and his land will be divided onto the stone.  Some saw this as a sign that the Emperor had lost the Mandate of Heaven. Since nobody would confess to the crime, the Emperor had everyone in the vicinity executed. The meteor itself was burned and then pounded into powder. Nevertheless, the Emperor died less than a year later, while touring eastern China in 210 BCE. The cause of death most likely was mercury poisoning, due to his immortality treatments. Legacy Qin Shi Huangs Empire did not outlast him long. His second son and Prime Minister tricked the heir, Fusu, into committing suicide. The second son, Huhai, seized power. However, widespread unrest (led by the remnants of the warring states nobility) threw the empire into disarray. In 207 BCE, the Qin army was defeated by Chu-lead rebels at the Battle of Julu. This defeat signaled the end of the Qin Dynasty. Whether Qin Shi Huang should be remembered more for his monumental creations and cultural advances or his brutal tyranny is a matter of dispute. All scholars agree, however, that Qin Shi Huang, the first Emperor of the Qin Dynasty and a unified China, was one of the most important rulers in Chinese history. Sources Lewis, Mark Edward. The Early Chinese Empires: Qin and Han. Harvard University Press, 2007.Lu Buwei. The Annals of Lu Buwei. Translated by John Knoblock and Jeffrey Riegel, Stanford University Press, 2000.Sima Qian. Records of the Grand Historian. Translated by Burton Watson, Columbia University Press, 1993.

Hindenburg - A Giant and Luxurious Zeppelin

Hindenburg - A Giant and Luxurious Zeppelin In 1936, the Zeppelin Company, with the financial aid of Nazi Germany, built the Hindenburg (the LZ 129), the largest airship ever made. Named after the late German president, Paul von Hindenburg, the Hindenburg stretched 804-feet-long and was 135-feet-tall at its widest point. That made the Hindenburg just 78-feet shorter than the Titanic and four times larger than the Good Year blimps. The Design of the Hindenburg The Hindenburg was a rigid airship definitely in the Zeppelin design. It had a gas capacity of 7,062,100 cubic feet and was powered by four 1,100-horsepower diesel engines. Although it had been built for helium (a less flammable gas than hydrogen), the United States had refused to export helium to Germany (for fear of other countries building military airships). Thus, the Hindenburg was filled with hydrogen in its 16 gas cells. External Design on the Hindenburg On the outside of the Hindenburg, two large, black swastikas on a white circle surrounded by a red rectangle (the Nazi emblem) were emblazoned on two tail fins. Also on the outside of the Hindenburg was D-LZ129 painted in black and the airships name, Hindenburg painted in scarlet, Gothic script. For its appearance at the 1936 Olympic Games in Berlin in August, the Olympic rings were painted on the side of the Hindenburg. Luxury Accommodations Inside the Hindenburg The inside of the Hindenburg surpassed all other airships in luxury. Though most of the airships interior consisted of gas cells, there were two decks (just aft of the control gondola) for the passengers and crew. These decks spanned the width (but not the length) of the Hindenburg. Deck A (the top deck) offered a promenade and a lounge on each side of the airship which was nearly walled with windows (which opened), allowing passengers to watch the scenery throughout their trip. In each of these rooms, passengers could sit on chairs made of aluminum. The lounge even featured a baby grand piano that was made of aluminum and covered in yellow pigskin, weighing only 377 pounds.Between the promenade and the lounge were the passenger cabins. Each cabin had two berths and a washbasin, similar in design to a sleeping room on a train. But in order to keep weight to a minimum, the passenger cabins were separated by only a single layer of foam covered by fabric. Toilets, urinals, and one shower could be found downstairs, on Deck B. Deck B (the lower deck) also contained the kitchen and the crews mess. Plus, Deck B offered the amazing amenity of a smoking room. Considering that hydrogen gas was extremely flammable, the smoking room was a novelty in air travel. Connected to the rest of the ship through an airlock door, the room was specially insulated to keep hydrogen gasses from leaking into the room. Passengers were able to lounge in the smoking room day or night and freely smoke (lighting from the only lighter allowed on the craft, which was built into the room). The Hindenburgs First Flight The Hindenburg, a giant in size and grandeur, first emerged from its shed in Friedrichshafen, Germany on March 4, 1936. After only a few test flights, the Hindenburg was ordered by the Nazi propaganda minister, Dr. Joseph Goebbels, to accompany the Graf Zeppelin over every German city with a population over 100,000 to drop Nazi campaign pamphlets and to blare patriotic music from loudspeakers. The Hindenburgs first real trip was as a symbol of the Nazi regime. On May 6, 1936, the Hindenburg initiated its first scheduled transatlantic flight from Europe to the United States. Although passengers had flown on airships for 27 years by the time the Hindenburg was completed, the Hindenburg was destined to have a pronounced affect on passenger flight in lighter-than-air crafts when the Hindenburg exploded on May 6, 1937.

Evaluating the Effects of Regulatory Agencies on the LIMS ( Laboratory Essay

Evaluating the Effects of Regulatory Agencies on the LIMS ( Laboratory Information Management System ) - Essay Example tion, meets the standards set, notably CMS Regulations Part 493 Sub-part K, Clinical Laboratory Improvement Amendments of 1988 (CLIA), and OSE Manual of Policies and Procedures (MAPP) 6700.2. In terms of information security, both agencies will be expecting to be satisfied that the requirements of CMS Regulations Part 170, regarding Information Security, have been met. In practice, Part 170 simply reflects ICT industry standard practice, so providing that the laboratory meets these industry standards, both agencies will be satisfied. In areas specifically involving pathology, a given LIMS implementation will also need to be approved by the College of American Pathologists (CAP). CAP regulators will expect that the LIMS implementation will meet their approval in four key areas: discipline, equipment manufacturer, specimen type and method of analysis. CAP inspections must be regarded as additional to the CMS and OSE inspections and compliance defined below. When examining the exchange of electronic health data, the Federal Regulators will be looking for the use of logical observation identifiers names and codes (LOINC) naming conventions. In order to facilitate the exchange of electronic clinical data between the LIMS being examined and other LIMS implementations, the Regulators will be checking for the use of systematized nomenclature of medicine clinical terms (SNOMED), as defined for specific U.S. applications by the CMS, FDA and, where relevant, CAP. All LIMS Implementations must meet the Centers for Medicare and Medicaid Services (CMS) Regulations Part 493 Subpart K - Quality System for Nonwaived Testing. This means each LIMS implementation must include as a minimum the following. Establishing and following policies and procedures for monitoring, assessing, and, when indicated, correcting problems identified in the general laboratory systems requirements specified in CMS Regulations Part 493 Subpart K that apply to the laboratory in

Six Organ systems Essay Example | Topics and Well Written Essays - 1250 words

Six Organ systems - Essay Example The skeletal system of the body is composed of bones which help in the normal posture in a human being. This skeletal system helps in different types of movement with the help of the muscular system. It is composed of bones to which are attached muscles, tendons and ligaments. The primary function of skeletal system is in the movement of different body parts and also in protection of the viscera of the body (Hall & Guyton 2006). Muscular system is the system which helps the bones to move in accordance to their contraction and relaxation. They also help in involuntary movements taking place inside the body. Muscular system is made up of muscles tendons and ligaments. Muscles are of three types respectively known as cardiac, skeletal and smooth muscle. These three types of muscles serve different functions in the body. Skeletal muscle are voluntary muscles which are under the control of the human beings whereas smooth muscles are not. Cardiac muscle are located in the heart which help in the contraction and relaxation of heart (Hall & Guyton 2006). Nervous system is a system which contains specialized cells located all over the body which help in all the bodily functions. The components of nervous system include the central nervous system and the peripheral nervous system. The central nervous system contains of the brain and spinal cord whereas the peripheral nervous system contains the neurons which help in connecting the body parts to the central nervous system. Both of these systems coordinate their activities together in order to produce the desired effect by the body (Snell 2004). A normal human being is gifted with five basic senses which have different functions. These five senses are named Taste, Vision, Hearing, Smell, and Touch. The smell of taste helps an individual to perceive taste of different substances through taste buds. Vision helps an individual to perceive the world through eyes i.e. see

The Pre-Socratic Tradition and Socratic Philosophy Essay Example for Free

The Pre-Socratic Tradition and Socratic Philosophy Essay Socrates was one of the most relevant figures in philosophy. His influence in this field of discipline was so extensive that every philosopher who came after him followed in his footsteps. Though the history of philosophy considers Socrates as a central figure, there were lesser known but equally important philosophers who came before him. These individuals are known as Pre-Socratic philosophers. Now the philosophy before the time of Socrates and the philosophy that Socrates influenced shared similarities and differences. This essay seeks to discuss what makes these philosophies alike and what sets them apart. What was the pre-Socratic tradition all about? What was its subject matter? To properly describe the pre-Socratic tradition, there are several themes to consider. First, this tradition deviates from mythology and religion (Soccio 62). During the Greek civilization, the knowledge of the people was founded on either mythology or religion. The answers to their inquiries were provided for them by the stories of gods and goddesses. Pre-Socratic tradition relies on neither mythology nor religion. Second, its main preoccupations are nature and the world (Soccio 63-64). The thinkers before the time of Socrates were not satisfied with what was already established about how nature was or how the world worked. Instead, they posed their own questions on the workings of nature and the universe. Third, the pre-Socratic tradition used reason in their explanations behind the ways of nature and the world (Soccio 64). Prior to the emergence of these thinkers, the only explanations available were those which were mythological or religious in nature. As was earlier stated, the pre-Socratic tradition deviated from mythology and religion. This deviation is due to the preference for rational investigation. The pre-Socratic thinkers attempted to verify their views with reason (Soccio 64). These three themes define what the pre-Socratic tradition was about. There were many thinkers who were part of the pre-Socratic tradition. Three of these thinkers were Thales, Heraclitus and Anaxagoras (Soccio 64). All three pre-Socratics were preoccupied with discovering the ways of the world with the use of reason rather than mythology and religion. Thales was the first significant pre-Socratic thinker in history. He upheld the belief that water was the element behind all things. For Thales, every single thing in the world was created with water. He simplified the complex workings of the world into a single substance—water (Soccio 65). The conclusion that Thales had arrived at was not based on religious speculation or mythological presumptions. Instead, he created a rational explanation for what he observed in nature (Soccio 65). Just like Thales, Heraclitus also inquired about the world and the element which kept it together. If Thales believed it was water, Heraclitus thought it was â€Å"Logos† (Soccio 67). â€Å"Logos† is not actually an element per se; it was more of a principle. The word â€Å"Logos† itself has several meanings, but Heraclitus affirmed that it is the law which maintains everything and is contained in everything (Soccio 68). The Heraclitean â€Å"Logos† is the one responsible for the world order (Soccio 68). Lastly, Anaxagoras continues the tradition of the two aforementioned thinkers by proceeding with the inquiry about the cosmos. If Heraclitus believed that it was ‘Logos† which dictated the order of the world, for Anaxagoras it was â€Å"Nous† (Soccio 73). â€Å"Nous† is not an element, principle or process. It is defined as the Mind which sets the pattern of the universe. This â€Å"Nous† influences the things of the world without being contained in them (Soccio 73). The pre-Socratic tradition is different from Socratic philosophy. It is through the differences between the two in which Socratic philosophy can be defined. The pre-Socratics were interested on cosmology—the causes behind the workings of the world (Soccio 63). They investigated on nature and the world. Meanwhile, Socratic philosophy is not limited to cosmology. Socrates himself did not write anything, and his teachings were only reflected through the works of other thinkers (King 23). One of those thinkers, and the most influential Socratic philosopher, was Plato. Socratic philosophy is interested in a wide range of philosophical disciplines, which include epistemology, ethics and metaphysics (King 24). The metaphysical influence of Socrates is evident in Plato’s theory of Forms (Kraut). Another difference between the pre-Socratic tradition and Socratic philosophy is approach. Pre-Socratic thinkers did not have a specific approach to philosophy. Initially, they were more concerned with subject matter rather than method (Soccio 63). On the contrary, Socrates is recognized for his approach or method. It was Socrates who started the process of cross-examination or elenchus; this is popularly known as the Socratic Method (King 23). This process does not impart knowledge; it includes a system of questions which soon reveal what a person really knows. Plato followed this method, as most of his works were dialogues which feature Socrates (King 24). Just like Socrates, Plato believes that knowledge is not acquired, but simply recollected (King 24). The pre-Socratic thinkers and the Socratics also share similarities. For instance, how do these people count as philosophers? The answer is the same for both. They are philosophers because they were dedicated to seek the answers for questions about nature, the world or life in general. A philosopher is not distinguished for his wisdom; rather, he is defined by his love for it (Soccio 63). A philosopher is a thinker who seeks out the truth; he devotes his energy in investigations and observations which would bring him closer to the truth. Pre-Socratic thinkers, Socrates and the other Socratics are similar in this account, as they all love wisdom and inquire about the truth. Another similarity between the pre-Socratic thinkers and the Socratics is rational discourse. All these thinkers support their arguments with reason. Rational discourse necessitates the use of reason in establishing views on reality so that it could be properly verified (Soccio 65). It is a fact that Socrates had a monumental influence on philosophy. However, that does not mean that pre-Socratics have a lesser role in the development of philosophy. The role of Socrates in the history of philosophy is just as important as the thinkers that came before him. Between the pre-Socratic tradition and the Socratic approach, there are more differences than similarities. Regardless, both of these have made remarkable contributions to philosophy in general.

Mitsubishi Essay -- essays research papers

Background Recruitment Workplace Discrimination Lawsuit Media Response Defense Leave End Interpretation Conclusion Racial Discrimination?Japanese Interview Mitsubishi Japan Employment Discrimination Case Hi, I had the misfortune of working for Mitsubishi Electric in Japan, a few years ago. This is my story of a rare employment-related racial discrimination lawsuit I filed against them in their home country. This story is somewhat different. Media's version of it (below) will let you know some facts regarding this case and for those with patience and open minds to explore the truth, a different story will emerge after reading my account. First, let me introduce you briefly to my relevant background. I am a graduate of IIT Bombay (an IITian) and we are used commonly in the IT industry for developed countries like the USA and Japan. I am a permanent resident ("Green Card" holder) of the USA and it took me five years to get it. Normally, it used to take about 2 years. Moreover, as you can see from my GMAT scores that I have high verbal aptitude (left scores). (GRE scores were similar.) I was preparing for a career in financial sector. MBA + Actuarial exams with high scores + CFA and CFP exams. Was expecting to pursue that career after getting my Green Card. I didn't want to work for in the IT industry and most definitely didn't want to work for notorious Mitsubishi but I landed up in their Computer Works in Japan. Mitsubishi went on an aggressive recruitment process to hire me, apparently at the orders of its highest executives. The purpose - you will find out soon. By the way, as most of us very well know, Japanese executives in places like Mitsubishi have racial-superiority complex towards the rest of us, especially the non-Caucasians, and even though they try hard, most of them are unable to master a foreign language like English. Now you are all set to begin your journey. Note: Am adding more material to the other pages. -------------------------------------------------------------------------------- A Case of Racial Discrimination? An Indian Worker Sues His Japanese Employer by Robert Guest From the credit - Robert Guest is a British free-lance writer based in Hiroshima who contributes business and other articles to The Far Eastern Economic Review and The Independent. The Journal - Issues in Bilateral Relations, November 1992 p... ... thinks its effects will last much longer. Victory for [name removed], for example, would mean that Japanese companies would have to start taking concrete steps to educate their staff about racism and completely overhaul their training programs for foreign workers, not to mention instituting new sensitivity training courses for workers going abroad. Mitsubishi Electric officials, meanwhile, are maintaining their innocence in this case, claiming that the whole affair was "an unfortunate misunderstanding." "It was our intention to provide Mr. [name removed] with opportunities for training and a chance to make use of his abilities in the long term," said a spokesperson for the firm, "but he failed to understand this, and so, unfortunately, has brought this case against us." The company would prefer to wait until the facts have been established before making any further comments, he added, but in the meanwhile, they are doing their best to make [name removed] understand their point of view. -------------------------------------------------------------------------------- Contact: mitsubishi-sucks[at]ThisDomainName[dot]com Related link: Mitsubishi!

Marriott Corp: the Cost of Capital

To : President, Marriott Corporation From : FLO299 Subject : Marriott Corporation – The Cost of Capital Date : April 6, 2010 The Importance of the Cost of Capital The cost of capital is important as it forms the basis for Marriott’s investing and financial decisions. By understanding and knowing the cost of capital, Marriott is able to select relevant investment projects for the company, determine incentive compensation, and repurchase undervalued shares when needed. The returns of a project were found by discounting the appropriate cash flows against the appropriate hurdle rates. Without knowing the cost of capital, Marriott would not be able to determine hurdle rates that would help Marriott’s growth. Also, knowing the cost of debt would allow Marriott to optimize the use of debt in the company’s capital structure. Knowing the hurdle rates on a divisional level would also enable Marriott to reward their managers using incentive compensation. By using hurdle rates, Marriott managers would be â€Å"more sensitive to Marriott’s financial strategy and capital market conditions† and would give the company a more accountable method of rewarding their employees. Lastly, Marriott’s method of calculating a â€Å"warranted equity value† for its common shares required knowing the company’s equity cost of capital. A share price that was below the â€Å"warranted equity value† signaled to Marriott when the company needed to step in to repurchase its stock as the company believed that repurchases of shares were a better use of Marriott’s cash flow and debt capacity than acquisitions or owning real estate. Computing Marriott’s WACC The cost-of-capital was computed both divisionally and overall for the company. It required using the formula WACC = (1-t_)RD(D/V) + RE(E/V). D and E are the market values of the debt and equity respectively and V (market value) = D+E. RD and RE are the pretax cost of debt and cost of equity respectively and t is the corporate tax rate. The Numbers Used in Marriott’s WACC A 34% tax rate rate will be assumed for simplicity's sake so more effort can be focused on other issues . The above WACC calculation uses market value of debt. Cost of debt can be observed directly by calculating the yield to maturity of outstanding bonds, but since the bond market is not very transparent and we know Marriott's unsecured debt is A-rated, the company can expect to pay a spread above some base rate. Which index to use should be determined by project life, and as lodging is based on a long term business model, a 30-year treasury bond is appropriate. In this case, the base is 8. 95% according to Tabe B and the spread for the overall company is 130 basis points according to Table A. Also found in Table A, Marriott set a target of the debt percentage in its capital structure to be 60% for the overall company. Because there is no way of directly observing the return that equity investors require, we rely on a couple of methods to estimate it. A dividend growth model can be used, and although simply to use, this approach assumes steady dividend growth. This approach also does not directly adjust for the riskiness of a project. An alternative approach is to use CAPM, which does not rely on dividend growth and does take both the market risk premium and systematic risk into consideration. Using CAPM to estimate the cost of equity we use the following formula: _E(R)=Rf+ {draw:frame} *MRP_. Rf is the same risk-free base rate used to calculate cost of debt, in this case, 8. 95% from Table A. The {draw:frame} is obtained from regression using market data and therefore is affected by leverage. To adjust for this, the B is unlevered and then relevered so that it is the B for business risk only, independent of capital structure. With due consideration given to each input, Appendix A is a computation of Marriott's WACC, 11. 87%, which is also the required rate of return for the company overall. The Use of Marriott’s WACC in Divisional Decisions Marriott can use the computed WACC to support its stock repurchasing decisions because it allows the equity cash flows to be discounted at a company level rate. But because each cost of capital input could differ amongst its divisions, the cost of capital varies across each. If Marriott used the above calculated WACC for all divisional decisions, it would cause the company to take on riskier projects, projects that once risk adjusted would likely cause the company to lose money in the long run. A better approach would be to use individual {draw:frame} for each project with CAPM to calculate the WACC for each project and compare it to IRR. Determining Divisional WACC To estimate the WACC for each division, we need their corresponding {draw:frame} . To do this we use comparable companies for each division; this is because we cannot run regressions at the divisional level as that information is not available. For the lodging division, we compare other hotel companies, for the restaurant division, we compare other restaurants, and for the contract services division we use the identity: {draw:frame} M=WL* {draw:frame} L+WR {draw:frame} R+WCS {draw:frame} CS. The identifiable assets in Exhibit 2 will be used to compute the weights of each division. Once again, because the information is actual market numbers, {draw:frame} E is affected by leverage and must be unlevered by multiplying it by 1 – market leverage. This results in {draw:frame} A which is business risk, independent of capital structure. Asset risk is the only thing that is comparable across firms. Within each divisional comparison to comparable companies, weighted average of {draw:frame} A is used as smaller companies have less impact on the overall segment. These numbers are shown in Exhibit 3. The WACC for each division is found in Appendix B to D. Differences in WACC Appendix A: Marriott’s Overall WACC Calculation Appendix B: Marriott’s WACC for Lodging Appendix C: Marriott’s WACC for Restaurants Appendix D: Marriott’s WACC for Contract Services Identifiable lodging assets = 2777. 4 WL = 60. 61% {draw:frame} L = . 57 Identifiable restaurant assets = 567. 6 WR = 12. 39% {draw:frame} R = . 75 Identifiable contract services assets = 1237. 7 WCS= 27. 00% {draw:frame} CS = solve for this below {draw:frame} M=WL* {draw:frame} L+WR {draw:frame} R+WCS {draw:frame} CS 0. 57 = . 6061*0. 42 + . 12390. 75 + . 2700 {draw:frame} CS {draw:frame} CS = 0. 57