Final answer:
The group is concerned with the controlling (Option 4)function of management, as they are addressing potential problems, monitoring performance, and considering adjustments to align with organizational goals.
Step-by-step explanation:
The management function the group is concerned with is controlling. When the company's president and senior managers are investigating the root cause of problems with the company's product line, whether they stem from changes to the manufacturing process or the new training program for assembly-line workers, they are engaging in the controlling function of management. This involves monitoring performance and making adjustments as needed to meet the organization's goals.
Controlling is one of the four primary functions of management, along with planning, organizing, and leading. In the context of the question, it's not just about establishing procedures (which would fall under planning) or aligning resources and tasks (organizing), nor is it about influencing team members to achieve their best (leading). Instead, it's about ensuring that everything runs according to the established standards and that any deviations are corrected, which is the essence of controlling.