Overall then, quantitative methods do not only support the advancement of modern day medicine, but they are essential to the creation of new drugs and new treatments.
c) Outsourcing
This third example of how quantitative analysis is used within the modern day American society is a rather sensitive issue for the domestic population and this is due to the fact that its application has often materialized in the loss of jobs. Specifically, the opening of boundaries and the liberalization of markets has created a context in which American economic agents were able to transcend boundaries and benefit from the comparative advantage of other regions. While in some cases, this advantage referred to natural resources or technological skills, in most cases it revolved around cost effective labor force.
The United States firms as such seized the opportunity to increase their profitability rates and closed their plants in the country, to open new manufacturing or service delivery plants in other states. These new plants operated at lower costs and as such the plant owners substantially increased their profits. But the American citizens lost their jobs and the social costs were tremendous. Some examples as to how quantitative methods are applied in the process of outsourcing -- and its outcomes -- include the following:
The computation of the costs incurred by the firm by operating the plant in the United States and their comparison with the costs incurred in the operation of a plant in a more cost effective foreign country. The computation of the costs in various foreign countries considered as viable solutions.
The analysis of the barriers to entering a specific country, such as political, social or economic barriers and the computation of the resources to be consumed in the overcoming of the barriers.
The analysis of the estimated return on the investment, the percentage increase in profitability, the number of years it would take for the investment to become profitable and so on.
The measurement of the social and economic impact of job loss in the United States through the assessment of elements such as unemployment rate, the costs for the federal budget with the increasing unemployment, the impact on the education of the children whose parents were downsized; the living standards of the population, the impact on crime rates and so on.
Aside from the examples above mentioned, quantitative analysis is present in numerous other fields and instances. The list of such instances is virtually endless, but some examples worth noting refer to the following:
The percentages of immigrants in the United States, including both legal immigrants and the illegal immigrants, with the socio-economic impacts they generate for the state, such as the revenues generated to the state budgets by the legal immigrants vs. The costs incurred by the federal authority in the provision of education and
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However, none was found that centered on small hotels in China. This research add to the existing body of research by providing an assessment of the balanced scorecard method in this special business setting. The information obtained by this study will help to make small hotels in China more competitive and able to compete well into the future. This research will play an important role in the development of the
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