Final answer:
Critical success factors are the vital areas or elements that must be achieved for a business or project to succeed. They vary by industry but typically focus on customer satisfaction, product quality, effective management, and financial health.
Step-by-step explanation:
Critical success factors (CSFs) can be defined as the essential elements that are necessary for an organization or project to achieve its mission and attain its goals. These factors are the few key areas where 'things must go right' for the business to flourish and for the manager's goals to be attained. CSFs are often industry-specific but typically include areas such as customer satisfaction, product quality, effective management, and financial performance.
For example, in the hospitality industry, customer satisfaction might be a critical success factor. On the other hand, for a technology company, innovation and technological advancement could be crucial. Understanding your business's critical success factors can help in setting strategic priorities and aligning business processes to meet those key areas efficiently.