Final answer:
The management function concerned with monitoring progress and taking corrective action when necessary is known as controlling. It includes setting standards, measuring performance, and adjusting actions to align with organizational goals.
Step-by-step explanation:
The function where a manager is engaged in monitoring progress toward goal achievement and taking corrective action when needed is known as the controlling function. Controlling involves setting standards, measuring actual performance, and taking corrective action to ensure that organizational goals are achieved.
This management function ensures that the organization's plans are being followed and is essential for achieving strategic objectives. When deviations from plans are identified, managers take the necessary steps to correct these deviations and put the organization back on course to meet its goals.