One of the commonly used second order methods for the minimization of quadratic functionals is the Newton’s method. However, for nonquadratic functionals, the Newton’s iterative scheme may not converge to the optimum minimum point. This paper is based on a second order method derived from the Newton’s iterative scheme by incorporating a minimizing step length in the Newton’s formula. The second order iterative scheme used in this paper minimizes both quadratic and nonquadratic functionals in one iteration. This makes it more efficient than other methods of minimization.