Solve all the following problems using appropriate management science method. At least two of the problems must be solved by using a suitable software (excel, QM, POM, etc.). Show the entire steps.

A. OMQual-Pro, a real estate development firm, is considering several alternative development projects. These include building and leasing an office park, purchasing a parcel of land and building and office building to rent, buying and leasing a warehouse, building a strip shopping center, and building and selling condominiums. The financial success of these projects depends on interest rate movement in the next five years. The various development projects and their five-year financial return ($ millions) given that interest rates will decline, remain stable, or increase are shown in the following payoff table.

	Interest Rates
Project	Decline	Stable	Increase
Office Park	0.5	1.7	4.5
Office Building	1.5	1.9	2.4
Warehouse	1.7	1.4	1.0
Shopping Center	0.7	2.4	3.6
Condominiums	3.2	1.5	0.6

Determine the best investment using the following decision criteria.

1. Maximax
2. Maximin
3. Equal likelihood
4. Hurwicz ( = 0.3)
5. An economist hired by the firm has determined that there is a .50 probability that interest rates will decline, a .40 probability that rates will remain stable, and a.10 probability that rates will increase. Using expected value, determine the best project. What is the expected value of perfect information?

2. The Palm Garden Greenhouse specializes in raising carnations that are sold to florists. Carnation are sold for RM3.00 per dozen; the cost of growing the carnation and distributing them to the florists is RM 2.00 per dozen. Any carnations left at the end of the day are sold to local restaurants and hotels for RM 0.75. The estimation of customer ill will if demand is not met is RM1.00 per dozen. The expected daily demand for the carnations is shown as follows.

Daily Demand	probability
20	.05
22	.10
24	.25
26	.30
28	.20
30	.10
	1.00

1. Develop the payoff table for this decision situation.
2. Compute the expected value of each alternative number of carnations that could be stocked, and select the best decision.
3. Construct the opportunity loss table and determined the best decision.
4. Compute the expected value of perfect information.