___________ involves setting objectives, developing appropriate courses of action and providing a rational approach to achieve these objectives

The correct option is Planning.

Step-by-Step Explanation:

1. Understanding the Statement:
The given statement describes a managerial function that is concerned with defining goals or objectives, formulation of strategies or courses of action to achieve them, and creating a systematic, rational approach to integrate and coordinate activities.

2. Analyzing the Managerial Functions:
Let us evaluate each of the given options to identify which function matches the definition:

• Planning: This is the primary function of management. It involves deciding in advance what to do, how to do it, when to do it, and who is to do it. It bridges the gap between where we are and where we want to go by setting objectives, developing various courses of action, and choosing the most rational path to achieve those objectives.
• Organising: This function is about establishing the organizational structure, assigning duties, grouping tasks, establishing authority, and allocating resources to carry out a specific plan.
• Coordination: This is the essence of management which binds all other functions. It ensures the synchronization of efforts to achieve common organizational goals.
• Controlling: This is the function of monitoring organizational performance against set standards and taking corrective actions where necessary to ensure that goals are reached.

3. Conclusion:
Based on the analysis, setting objectives, developing courses of action, and providing a rational approach to achieve goals is the exact definition of Planning. Therefore, "Planning" is the correct choice to fill in the blank.