ECONOMICS

Detailed explanation-1: -First, the alternative should match the goals and objectives of the business. Second, the alternative should match the current assessment of the strengths of the business. Third, market opportunities need to exist for the products. Lastly, the product should be able to be made efficiently and effectively.

Detailed explanation-2: -The selection of best alternative from many alternatives is known as decision-making. Decision making is a process of selecting the best among the different alternatives.

Detailed explanation-3: -choice, in philosophy, the supposed ability to freely decide between alternatives. Choice is a corollary of the traditional notion of free will, understood as the supposed power or capacity of humans to make decisions or perform actions independently of any prior event in or state of the universe.

Detailed explanation-4: -Decision making can be defined as a process of choosing between alternatives to achieve a goal. It is the process by which an individual chooses one alternative from several to achieve a desired objective.