Final answer:
The statement is true, as control processes in business involve setting clear performance standards, measuring actual performance, and taking corrective actions when necessary to maintain desired performance levels.
Step-by-step explanation:
The statement 'A control process must establish clear performance standards, measure actual performance against standards, and taking corrective action if necessary' is true. Control processes are fundamental in business management and are designed to ensure that organizational activities are consistent with the established plans, performance standards, and objectives. These processes involve:
- Establishing clear performance standards to specify what is expected from employees and the organization.
- Measuring actual performance against these standards to evaluate if goals are being met.
- Taking corrective action to address any discrepancies between actual and desired performance.
With these steps, the control process helps organizations maintain the desired level of performance and achieve their strategic goals.