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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