The process of setting standards, receiving feedback on actual performance, and taking corrective action whenever actual performance deviates significantly from planned performance is known as:a. budgeting.b. a strategy.c. amortization.d. control.
D
d. control.
The process described in the question involves setting standards (planned performance), receiving feedback on actual performance, and taking corrective action whenever actual performance deviates significantly from planned performance. This process is known as control. Control is an essential component of management and involves monitoring and measuring performance to ensure that goals are being achieved efficiently and effectively.
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