The process whereby a business organization regularly compares physical events with the standards set and takes corrective action is?

The process described in the question is known as "controlling" in business management. Controlling is the function of management that involves monitoring and measuring actual performance against established standards and goals, and taking corrective action as necessary to ensure that performance meets those standards. This involves setting performance targets or standards, monitoring performance, comparing actual results to those standards, and making adjustments as needed to bring performance back in line with the established standards. The main objective of controlling is to ensure that the organization is moving in the direction of its goals, and that all its resources are being used efficiently and effectively. By doing so, controlling helps the organization to achieve its objectives and to manage risk effectively.