Final answer:
Exception management is the process of taking action when actual results deviate significantly from planned results.
Step-by-step explanation:
The process of taking action only when actual results deviate significantly from planned results is known as exception management. Exception management refers to the practice of monitoring and responding to unexpected or abnormal events in order to minimize their impact on the overall plan or goal.
For example, in project management, if the actual project timeline is significantly behind the planned schedule, exception management would involve identifying the causes of the delay and implementing corrective actions to bring the project back on track.
Similarly, in financial management, if the actual financial performance of a company deviates significantly from the projected results, exception management techniques may be used to analyze the reasons for the deviation and implement strategies to improve financial performance.