Setting objectives for a given time period, formulating various courses of action to achieve them, and then selecting the best possible alternative from among the various courses of action available is known as:

Option 1 -> Controlling involves monitoring performance against standards and taking corrective actions, not setting objectives and formulating courses of action.

Option 2 -> Organising deals with arranging resources, assigning tasks, and establishing organizational structure, not selecting alternative courses of action.

Option 3 -> Planning is the process of setting objectives, formulating multiple courses of action, and selecting the best alternative to achieve goals.

Option 4 -> Directing involves leading, motivating, and guiding employees to execute plans, not creating the plans themselves.

Hence, Option 3: Planning -> Planning is the primary management function that involves deciding in advance what to do, how to do it, when to do it, and who will do it. It includes setting objectives for a specific time period, developing various alternative courses of action to achieve those objectives, and then evaluating and selecting the most suitable alternative among them -> correct