What is the term for the management function that evaluates performance against standards?

The term for the management function that evaluates performance against standards is "Controlling." This process is essential for ensuring that organizational goals are being met effectively and efficiently. The controlling function involves setting performance standards, measuring actual performance, and taking corrective actions if there are deviations from the standards. This helps managers understand whether the organization is on track to achieve its objectives and allows them to adjust processes or resources as necessary to improve performance.

In the context of the other management functions, controlling is distinct from leading, which focuses on motivating and directing employees; planning, which involves setting goals and determining the best course of action to achieve them; and organizing, which is about arranging resources and tasks to implement the plan. Each of these functions plays a critical role in effective management, but controlling specifically pertains to the evaluation of performance relative to established standards.