Final answer:
Controlling is the management function that involves monitoring and evaluating performance to ensure goals are being achieved, which involves setting standards, measuring performance against those standards, and making adjustments as necessary.
Step-by-step explanation:
The management function that involves monitoring and evaluating performance to ensure that goals are being achieved is Controlling. This function serves as a critical end-stage in the management process where actual performance is compared against expected or planned performance. If discrepancies are found, managers must then take corrective action to align performance with goals. Contrary to controlling, Directing focuses on leading and motivating employees to achieve organizational objectives, while Planning involves setting targets and deciding how to reach them, and Organizing is about arranging resources and activities in a coherent structure.
Distinguishing the Different Management Functions
- Controlling: Involves setting standards, measuring actual performance, and taking corrective action.
- Directing: Deals with leadership, communication, and motivation.
- Planning: This entails defining goals, establishing strategies, and developing plans to coordinate activities.
- Organizing: Includes determining what tasks need to be done, who is to do them, and how those tasks are to be grouped, allocated, and coordinated.