Statement I is false: Planning is primarily a forward-looking function, focusing on setting future goals and strategies. While it may involve reviewing past performance to inform future plans, its core purpose is to anticipate and prepare for the future. Controlling, on the other hand, is both backward-looking (evaluating past performance against plans) and forward-looking (using past performance to adjust future plans). Therefore, the statement that both are equally backward and forward-looking is inaccurate.
Statement II is true: Planning involves setting goals, developing strategies, and outlining actions to achieve those goals. This is a prescriptive process – it prescribes how things should be done. Controlling, conversely, involves monitoring performance, comparing it to planned targets, and taking corrective actions. This is an evaluative process – it assesses how well things are being done and identifies areas for improvement.