Management by exception is the principle of controlling described in the above lines.

Explanation:
Management by exception is a principle of controlling that focuses on bringing significant deviations that go beyond the permissible limit to the notice of management. It involves monitoring and controlling activities and processes within an organization by only intervening when there are significant deviations or exceptions from the expected or desired outcomes. This principle allows managers to concentrate their attention and resources on addressing important issues and exceptions, rather than getting involved in routine and insignificant matters.

Advantages of Management by Exception:
1. Focus on important issues: By only bringing significant deviations to the attention of management, the principle of management by exception allows managers to focus their time and energy on addressing critical issues that require their attention.

2. Efficient use of resources: By not getting involved in routine matters, management can allocate their resources more efficiently to deal with exceptions and significant deviations. This ensures that resources are utilized in the most effective and productive manner.

3. Prompt response to critical situations: By promptly addressing significant deviations that go beyond the permissible limit, management can take corrective actions in a timely manner. This helps in preventing further escalation of problems and ensures that the organization stays on track towards its goals.

4. Enhanced decision-making: Management by exception provides managers with relevant and actionable information regarding significant deviations. This enables them to make informed decisions and take appropriate actions to address the exceptions and bring the organization back on track.

5. Increased accountability: By focusing on significant deviations, management by exception promotes accountability within the organization. Managers are responsible for monitoring and addressing exceptions, and this accountability helps in ensuring that processes and activities are carried out effectively.

Conclusion:
Management by exception is a principle of controlling that allows managers to concentrate on significant deviations that go beyond the permissible limit. By focusing on important issues and exceptions, management can allocate their resources efficiently, make informed decisions, and take prompt actions to address critical situations. This principle enhances accountability and ensures that the organization stays on track towards its goals.