Assessment Item 3 Assignment 3 Value: 20% Due Date: 14-May-2019 Return Date: 06-Jun-2019 Submission Method Options: Alternative Submission Method Task QUESTION- 1 (Decision Analysis)         Student guide to marks: 20 – 4 for a, 2 for b and 14 for c (2 for each of the 7) Show All Calculations to Support Your Answers.  (a)  Describe the advantage in using a payoff matrix to analyze decisions. Explain the steps required in developing such a matrix. (b) What advantage do decision trees provide and in what situations are they preferred to a payoff matrix? (c)  George Goleb is considering the Read More …