Explanation:

Performance monitoring is an essential part of managing any organization or project. It involves tracking and evaluating the progress of activities and tasks to ensure that they are being carried out effectively and efficiently. This process helps in identifying any deviations or discrepancies from the desired goals or standards and taking corrective actions to address them.

Monitoring Performance:

Monitoring performance involves regularly assessing and reviewing the activities and tasks being performed. It includes gathering relevant data and information, analyzing it, and comparing it with the predetermined goals or standards. This step helps in identifying any gaps or variations that may exist and require attention.

Setting Goals:

Setting goals is an important step in the performance monitoring process. Goals provide a clear direction and define what needs to be achieved. They act as benchmarks against which actual performance can be measured. Goals should be specific, measurable, achievable, relevant, and time-bound (SMART) to be effective in monitoring performance.

Correcting Deviations:

When significant deviations from the goals or standards are identified during the monitoring process, corrective actions need to be taken. Correcting deviations involves analyzing the root causes of the deviations and implementing appropriate measures to address them. This may involve making changes to the processes, reallocating resources, providing additional training or support, or modifying the goals or expectations.

Controlling:

The process of monitoring performance, setting goals, and correcting significant deviations is known as controlling. Controlling involves establishing standards or benchmarks, measuring actual performance against these standards, comparing the results, and taking corrective actions as necessary. It ensures that the organization or project stays on track and achieves its objectives.

Conclusion:

In conclusion, monitoring performance, setting goals, and correcting significant deviations are essential components of the controlling process. This process helps in ensuring that activities and tasks are being carried out effectively and efficiently, and any discrepancies are addressed in a timely manner. By regularly monitoring performance and taking corrective actions, organizations can improve their overall performance and achieve their desired outcomes.