This is a really important question, and frankly it's quite critical to addressing the main deliverable in the task letter. Hopefully others will look at this as well.
The bottom line is to find the cheapest solution for the client; as with many engineering problems (and most situations) in real life, the almighty dollar drives everything. The client doesn't really care about the thermodynamic efficiency of the cycle, they just care about bottom line cost. So your optimal cycle and final recommendation will hinge on minimizing cost, not on maximizing COP.