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.
