Final answer:
The management function that involves setting performance objectives and outlining the steps to achieve them is known as planning.
Step-by-step explanation:
Setting performance objectives and determining the action steps for accomplishing them describes the management function of planning. This involves making decisions about the goals of the organization and the strategies needed to achieve those goals. Achievable and appropriate plans must be developed to set these goals into motion and to determine the necessary steps that will allow the organization to reach its objectives.