Statistics

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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.

Minimum of 3 references. and 500 words.