Final answer:
The correct option is D). Strategic Management is the term that defines the art and science of formulating, implementing, and evaluating cross-functional decisions in an organization. It encompasses strategy formulation, strategy implementation, and strategy evaluation to help a company achieve its objectives.
Step-by-step explanation:
The term that can be defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives is Strategic Management. This encompasses strategy formulation, which involves defining the company's direction or mission; strategy implementation, which pertains to putting the strategy into action; and strategy evaluation, which involves measuring the success of the strategic choices against the company's objectives.
In the context of business, strategy is crucial, as it lays the foundation for problem-solving and decision-making within an organization, ensuring that there is a structured approach to achieving the company's goals. Effective strategic management allows a company to adapt to changes in the business environment and maintain a competitive edge.