Week 8

 

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.

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.

Sheet1

Rank Monthly Salary Gender
Senior Manager 125,000 M
Manager 100,000 M
Manager 100,000 M
Manager 100,000 M
Manager 100,000 M
Manager 100,000 F
Manager 100,000 F
Manager 100,000 F
Manager 100,000 F
Manager 100,000 F
Supervisor 75,000 M
Supervisor 75,000 F
Supervisor 75,000 M
Supervisor 75,000 F
Supervisor 75,000 M
Supervisor 75,000 M
Supervisor 75,000 F
Supervisor 75,000 F
Supervisor 75,000 F
Supervisor 75,000 M
Supervisor 75,000 M
Supervisor 75,000 M
Supervisor 75,000 M
Supervisor 75,000 F
Supervisor 75,000 F
Supervisor 75,000 M
Supervisor 75,000 M
Supervisor 75,000 F
Supervisor 75,000 M
Supervisor 75,000 M
Employees 45,000 M
Employees 45,000 F
Employees 45,000 F
Employees 45,000 M
Employees 45,000 M
Employees 45,000 M
Employees 45,000 F
Employees 45,000 F
Employees 45,000 M
Employees 45,000 M
Employees 45,000 M
Employees 45,000 F
Employees 45,000 F
Employees 45,000 M
Employees 45,000 M
Employees 45,000 F
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 F
Employees 45,000 M
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 F
Employees 45,000 M
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 F
Employees 45,000 M
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F
Employees 45,000 F
Employees 45,000 M
Employees 45,000 M
Employees 45,000 F
Employees 45,000 M
Employees 45,000 F

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