The correct answer is Option (3) → A-II, B-I, C-IV, D-III.
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LIST I
(Purpose)
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LIST II
(Process)
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A. Standards are the criteria against which
actual performance would be measured
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II. Setting performance Standard
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B. Several techniques for measurement laid down
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I. Measurement of Actual performance
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C. Critical point control and Management by
exception are used by managers
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IV. Analysing Deviation
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D. Involves training of employees
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III. Taking corrective Action
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A. Standards are the criteria against which actual performance would be measured- II. Setting performance Standard.
The first step in the controlling process is setting up of performance standards. Standards are the criteria against which actual performance would be measured. Thus, standards serve as benchmarks towards which an organisation strives to work.
B. Several techniques for measurement laid down- I. Measurement of Actual performance.
Once performance standards are set, the next step is measurement of actual performance. Performance should be measured in an objective and reliable manner. There are several techniques for measurement of performance.
C. Critical point control and Management by exception are used by managers- IV. Analysing Deviation.
Some deviation in performance can be expected in all activities. It is, therefore, important to determine the acceptable range of deviations. Also, deviations in key areas of business need to be attended more urgently as compared to deviations in certain insignificant areas. Critical point control and management by exception should be used by a manager in this regard.
D. Involves training of employees- III. Taking corrective Action.
The final step in the controlling process is taking corrective action. No corrective action is required when the deviations are within acceptable limits. However, when the deviations go beyond the acceptable range, especially in the important areas, it demands immediate managerial attention so that deviations do not occur again and standards are accomplished. Corrective action might involve training of employees if the production target could not be met. Similarly, if an important project is running behind schedule, corrective action might involve assigning of additional workers and equipment to the project and permission for overtime work. In case the deviation cannot be corrected through managerial action, the standards may have to be revised. | 
