What is the aspect of managing that involves monitoring performance and implementing changes as necessary?

The aspect of managing that involves monitoring performance and implementing changes as necessary is controlling. This function is essential within the management process as it ensures that organizational goals are being met effectively and efficiently.

Controlling involves several key activities: first, it requires setting performance standards based on objectives, which provides the benchmark against which actual performance can be compared. Next, it involves measuring actual performance to see how well the organization is progressing towards its goals. When discrepancies between the standard and actual performance are identified, this function addresses them by implementing corrective actions. This could involve changing processes, reallocating resources, or providing additional training to employees.

Through the controlling function, managers can ensure that the organization is on track to meet its objectives and can adapt to any changes in the environment or within the organization itself. This makes it a critical aspect of overall management effectiveness.