Question 1 The managerial team of MoneyGram money transfer is considering the possibility of opening another outlet in the Turks and Caicos Islands. The decision will be based on the location of the outlet. Three islands: Grand Turk, Providenciales and South Caicos were considered marketable. After careful analysis the team has developed the following payoff table. Outcomes of the market Alternatives Good Average Poor Grand Turk $60,000 $38,000 ($22,000) Providenciales $42,000 $29,000 ($5,000) South Caicos $35,000 $24,000 $7,000 Probability 0.3 0.4 0.3 Use the following decision criteria to determine the best alternative under: (ii). Maximin Criterion (2 marks) (iii). Maximax Criterion (2 marks) (iii). The expected value criterion (7 marks) (v). Laplace (equal probability) Criterion (7 marks) (Total 18 marks)