............................only completes one cycle of management process and improves planning in the next cycle.

Controlling

The correct answer is option 4- Controlling.

Controlling only completes one cycle of management process and improves planning in the next cycle.

The controlling function finds out how far actual performance deviates from standards, analyses the causes of such deviations and attempts to take corrective actions based on the same. This process helps in formulation of future plans in the light of the problems that were identified and, thus, helps in better planning in the future periods. Thus, controlling only completes one cycle of management process and improves planning in the next cycle.