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We treat the problem of outage minimization via power control in MIMO systems with quantized feedback. We formulate the optimal quantized power control design for a general MIMO system and provide the numerical procedure for finding the optimal solution. Our results not only extend but also show the deficiency of the existing quantized power control schemes for MISO systems. We further propose a design based on the pre-evaluation of the packet error rate performance of practical MIMO systems employing short-length LDPC codes and QAM modulations and with possibly unreliable feedback links. It is demonstrated that with only a few bits of feedback, the resulting quantized power control strategy achieves considerable gain over a system without power control.