Activity 3Activity I: Three new-product ideas have been suggested. These ideas have been rated as shown in the Table belowProduct*CriteriaABCWeight (%)Development costPFVG10Sales prospectsVGEG15ProducibilityPFG10Competitive advantageEVGF15Technical riskPFVG20Patent protectionFFVG10Compatibility with strategyVGFF20100*P=poor,F=fair, G=good, VG=very good, E=excellentUsing an equal point spread for all five ratings (i.e., P = 1 , F = 2 , G = 3 , VG = 4 , E = 5 P=1,F=2,G=3,VG=4,E=5), determine a weighted score for each product idea. What is the ranking of the three products?Rank the criteria, compute the rank-sum weights, and determine the score for each alternative. Do the same using the rank reciprocal weights.What are some of the advantages and disadvantages of this method of product selection?.Activity II: Using MAUT and the AHP, perform an analysis to select a graduate program. Explain your assumptions and indicate which technique you believe is most appropriate for this application.The assignment is to answer the question provided above in essay form. This is to be in narrative form and should be as thorough as possible. Bullet points should not to be used.The paper should be at least 1.5 – 2 pages in length, Times New Roman 12-pt font, double-spaced, 1 inch margins and utilizing at least one outside scholarly or professional source related to project management. The textbook should also be utilized. Do not insert excess line spacing. APA formatting and citation should be used.