Question

Write a word or a phrase or a term which can substitute each one of the following :

A process where standards are set, actual performance is measured and corrective action is taken.

Answer 1

A process where standard are set, actual performance is measured and corrective action is taken – Controlling

Explanation:
Under the controlling function of management, standards are set and the actual performance is compared with the planned performance. In case deviations are found, necessary corrective actions are taken to achieve the desired objectives.