Final answer:
The control function of management involves assessing performance, comparing it with relevant standards, and taking corrective actions to ensure goals are met. It's similar to a negative feedback mechanism that brings a system back to its equilibrium.
Step-by-step explanation:
A manager tasked with ensuring that a company reaches set goals by monitoring progress and taking corrective actions to adjust for deficiencies is exercising the control function of management. This process is akin to a form of negative feedback, where the manager must identify any deviations from the plan and implement corrective measures to steer the organization back towards its intended goals. This controlling process includes performance assessment, comparison against standards, and the application of adjustments to align performance with expectations.