Multitasking is sometimes hailed by most people as a welcome skill
This sentence sounds confusing to me. What do you mean by "a welcome skill"?
it is often argued that
You can omit this part.
adversely affect young people's performance at university and in the workplace
adversely affect productivity, for example, poor performance at university or at work.
As a result, they are not able to perform well their work, for example, making mistakes in the business report.
As you start your sentence with "As a result", this sentence should be a consequence of the previous sentence. However, your previous sentence is about multitasking while studying, whereas this sentence is about the effect of multitasking on working performance.
Another serious implication of being able to multitask is that
young adults nowadays are too self-absorbed and wrapped up in their isolated world with electrical devices
I think that this example is not quite relevant to the topic.
"Sufficient" is the wrong word. It means "adequate" or "enough".
making a list-to-do jobs then prioritizing them
preparing a to-do list and then prioritizing the tasks