solution: See attached screenshot. Week 8 Hide Assignment Information Instructions Due Date Apr 3, 2022

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Week 8

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Apr 3, 2022 11:59 PM


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BUSN625 I002 Winter 2022 EG

Assignments Week 8

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.

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