Final answer:
Controlling is the process of monitoring performance and making necessary adjustments to align with set goals, and it is different from other management functions such as improvising, planning, and organizing.
Step-by-step explanation:
The process of monitoring performance and taking corrective action as needed is called controlling. This is one of the key functions of management, which also includes planning, organizing, leading, and coordinating resources. Controlling involves establishing performance standards, comparing actual performance against these standards, and then making adjustments if necessary to ensure that performance aligns with the established goals. This is different from improvising which means to create or perform without preparation, planning which involves setting goals and determining how to reach them, and organizing which deals with arranging the structure of an organization or activity. Improving can be a result of controlling, but it is not the term that specifically describes the process of monitoring and correcting.