Final answer:
Concurrent control is a real-time management function that corrects problems as they occur, ensuring processes remain on track. Hence, option (2) is correct.
Step-by-step explanation:
The type of control that is enacted while the work is being done, allowing management to correct problems before they become too costly or unmanageable, is known as Concurrent control. This form of control monitors processes and activities in real-time to ensure everything is going according to plan.
In contrast, Feedforward control occurs before a process begins, Feedback control occurs after the process is completed, and Predictive control is used to forecast any potential problems that could occur in the future. Concurrent control is imperative in maintaining quality and efficiency during production or any business activity, allowing for immediate adjustments or corrective actions.