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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.
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