Final answer:
The management function responsible for monitoring performance against goals and implementing necessary adjustments is known as 'controlling'. It's an essential part of maintaining organizational alignment and achieving success.
Step-by-step explanation:
The aspect of management that involves monitoring performance against goals and taking corrective action as needed is known as controlling. This process is crucial in ensuring that organizational activities are in alignment with the predetermined standards and objectives. To effectively control, one must first establish clear, measurable goals, and then measure actual performance against these benchmarks. Where deviations occur, managers must step in and take corrective actions to steer the organization back towards its intended course. This can involve re-assessing strategies, adjusting processes, or providing additional training and resources where necessary.
Controlling is a fundamental function of management, alongside planning, organizing, and leading. It allows an organization to assess its progress and make informed decisions to maintain a pathway to success. Daniela, as a Business Administration - Leadership and Management student, would recognize the importance of this management function and its impact on achieving workplace success and career advancement.