Final answer:
The process that involves identifying issues, determining alternatives, and selecting and monitoring a strategy for a solution is called decision-making. It is a critical skill in business.
Step-by-step explanation:
The process that involves identifying issues, determining alternatives, and selecting and monitoring a strategy for a solution is called decision-making. Decision-making is a critical skill in any field, including business. It involves evaluating different options, weighing their pros and cons, and making a well-informed choice. For example, in strategic planning in business, decision-making plays a crucial role in setting goals, identifying potential risks, and selecting the best course of action to achieve success.