"A footwear company has already measured its quantifiable and qualitative goals". Identify the step of the controlling process highlighted in the aforesaid statement.

Option 1: Analysing deviations -> This involves examining the differences between actual performance and standards to identify causes and significance.

Option 2: Taking corrective action -> This is the final step where measures are implemented to correct deviations and bring performance back on track.

Option 3: Comparing actual performance with standards -> This step involves evaluating actual results against predetermined standards to identify variances.

Option 4: Measurement of actual performance -> This involves quantifying and assessing the actual results achieved in relation to the goals set.

Hence, Option 4: Measurement of actual performance -> The statement indicates that the company has "measured" its goals, which refers to the step of measuring actual performance. This is the stage where the organization quantifies what has actually been achieved (both quantifiable metrics and qualitative aspects) so it can later be compared with predetermined standards. This is a crucial step in the controlling process as it provides factual data about actual outcomes. -> correct