Final answer:
The process described is known as decision-making, which is essential in business and involves evaluating alternatives through a structured decision process including cost/benefit analysis.
Step-by-step explanation:
The process that involves identifying alternatives, selecting the best one for the organization, and specifying actions to implement the chosen alternative is known as decision-making. This process is fundamental in business and requires a structured decision process to evaluate different options effectively. Crucial steps in this process include doing a cost/benefit analysis and comparing the advantages and disadvantages of each option to determine which meets the organization's goals and constraints.