The need and utility of statistical quality control in business decision-making

  Discuss the need and utility of statistical quality control in business decision-making. What are its limitations? Strategy States of Nature N1 N2 S1 40 60 S2 10 -20 S3 -40 150 The following is a payoff (in $000) table for three strategies and two states of nature for our company Select a strategy using each of the following decision criteria: (a) Maximax, (b) Minimax regret, (c) Maximin, (d) Minimum risk, assuming equiprobable states