What management function involves measuring performance and taking corrective action to achieve goals?

The management function that involves measuring performance and taking corrective action to achieve goals is controlling. This function is integral for ensuring that an organization's objectives are met effectively and efficiently. Controlling includes evaluating the actual performance against the planned performance, identifying any discrepancies, and implementing corrective measures if necessary.

By monitoring and assessing various operations within the organization, managers can identify areas that are not meeting the desired standards and take appropriate action to align outcomes with the established goals. This could involve adjusting processes, reallocating resources, or modifying strategies to improve performance.

In contrast, the other managerial functions play different roles: planning focuses on setting goals and determining how to achieve them, directing involves guiding and leading team members to execute plans, and organizing pertains to arranging resources and tasks to implement plans. Each function is vital, but controlling specifically addresses the ongoing evaluation and adjustment of performance to ensure goals are achieved.