Problem Identification and Formulation Part 1 Business Practice Argumentative EssayFor this assignment, the student will create an argumentative essay explaining what makes a good business decision. This allows students to use critical thinking in their research to identify the importance of deductive reasoning and inductive reasoning.Assignment StepsReviewthe “Writing Argumentative Essays” section in Ch. 3 ofCritical Thinking.Writea 1,050-word argumentative essay on your approved business decision including the following: Discuss why the business decision is good or not good for business. Define the term “good” for the purpose of this situation. Identify the premise and conclusion by placing a number in bold at the beginning of the sentence with the wordpremiseorconclusion. For example: (1, Premise), (2, Premise), (1, Conclusion), (2, Conclusion). Sentences labeled as “1, premise” are premises for the sentence labeled as “1, conclusion.” All premises should be labeled for each conclusion in the article. If a sentence is a conclusion and a premise for another conclusion, place two labels. At the end of the paper, identify one example of how you used deductive reasoning and one example of how you used inductive reasoning. Formatyour paper consistent with APA guidelines.Part 2 Answer the Following Questions Contemporary Management, Ch. 7: Decision Making, Learning, Creativity, and Entrepreneurship1. What are the six steps managers should take to make the best decisions? What are some of the advantages and disadvantages of group decision making? Of the six steps a manager makes which do you deem the most important? Conduct a web search and compare your findings to the text. Other sources list additional steps do you find these add value? Why or why not?Critical Thinking, Ch. 5: Rhetoric, the Art of Persuasion6. What rhetorical devices do you find in the following (euphemisms, dysphemisms, weaselers, downplayers)?Critical Thinking, Ch. 6: Relevance (Red Herring) Fallacies7. What are fallacies? How does critical thinking help with problem identification and formulation?