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    Instructions

    In an APA formatted Word document complete the following:

    Discuss the need and utility of statistical quality control in business decision-making. What are its limitations?

    The following is a payoff (in $000) table for three strategies and two states of nature for our company:

    Strategy

    States of Nature

     

     

    N1

    N2

    S1

    40

    60

    S2

    10

    -20

    S3

    -40

    150

    Select a strategy using each of the following decision criteria: (a) Maximax, (b) Minimax regret, (c) Maximin, (d) Minimum risk, assuming equiprobable states.

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