Which function of management involves monitoring performance and making corrective actions?

The function of management that involves monitoring performance and making corrective actions is controlling. This aspect of management ensures that the organization's goals are being met effectively and efficiently. It entails establishing performance standards based on organizational objectives, measuring actual performance against these standards, and identifying any deviations.

When discrepancies arise between expected outcomes and actual performance, managers must take corrective actions to realign activities with the established standards. This could involve implementing changes, reallocating resources, or revising strategies to enhance performance. Thus, controlling is integral for assessing how well an organization is functioning and for making adjustments as necessary to improve outcomes and adherence to goals.

Other functions of management, such as planning, leading, and organizing, serve different purposes. Planning focuses on setting objectives and determining the best course of action to achieve them. Leading involves motivating and guiding employees to fulfill their roles effectively. Organizing entails arranging resources and tasks to create a structure that allows the organization to operate efficiently. While these functions are essential for overall management, controlling specifically targets the assessment and improvement of performance.