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.