Step 1: Write the given displacement equation.
\[
y=Pt^2-Qt^3
\]
For maximum height, velocity in the vertical direction must become zero.
So,
\[
\frac{dy}{dt}=0
\]
Step 2: Differentiate \(y\) with respect to \(t\).
\[
\frac{dy}{dt}=2Pt-3Qt^2
\]
\[
\frac{dy}{dt}=t(2P-3Qt)
\]
For maximum height,
\[
t(2P-3Qt)=0
\]
Thus,
\[
t=0
\]
or
\[
2P-3Qt=0
\]
\[
t=\frac{2P}{3Q}
\]
The non-zero time at which maximum height is reached is
\[
t=\frac{2P}{3Q}
\]
Step 3: Substitute this value of \(t\) in \(y\).
\[
y_{\max}=P\left(\frac{2P}{3Q}\right)^2-Q\left(\frac{2P}{3Q}\right)^3
\]
\[
=P\left(\frac{4P^2}{9Q^2}\right)-Q\left(\frac{8P^3}{27Q^3}\right)
\]
\[
=\frac{4P^3}{9Q^2}-\frac{8P^3}{27Q^2}
\]
Taking LCM,
\[
y_{\max}=\frac{12P^3-8P^3}{27Q^2}
\]
\[
y_{\max}=\frac{4P^3}{27Q^2}
\]
Step 4: Final conclusion.
Hence, the maximum height reached by the ball is
\[
\boxed{\frac{4P^3}{27Q^2}}
\]