Planning and controlling are interrelated and interdependent as follows :
(i) Planning is the basis for controlling Planning is the basis for controlling too. In the absence of plans it is not possible to measure and assess performance. For example, if the output is 500 units, the manager can know whether it is adequate or not only when there is a standard output set up by the planners. Thus, planning provides the base for comparison of actual performance with the budget performance.
(ii) Controlling helps in planning Without effective controlling, activities can not be properly planned. Planning is guided by past experiences and corrective measures suggested by controlling.
(iii) Effective controlling helps in formulation of future plans Controlling helps in revising plans to reap maximum benefits at minimum cost. Controlling ensures improvement in future performance.
(iv) Finding out deviations and cause there of effectiveness of planning can be measured with the help of controlling. Planning is based on fore cast about future conditions. Controlling sets standards and finds out deviations from standards. After that corrective actions are to be taken by controlling function.

Both Rahim & Pankaj are partially correct. Controlling is bath backward looking as well as forward looking.
(i) Controlling is blind with out planning if the standards are not set in advance, managers have nothing to control.
(ii) Planning with out controlling in meaningless because once a plan becomes operational, controlling is necessary to monitor the progress Planning is looking ahead while controlling is looking back.
(iii) Plans are prepared for future to achieve the organizational goals. Planning is deciding in the present what to do in the future. Planning involves looking ahead and is called forward looking function.
(iv) Controlling is the process through which managers ensure that actual performance in according to planned standards. Controlling is finding out deviations from past. In this manner controlling is a backward looking function.

The foreman should take following steps :
(i) Setting performance standards : Standards are targets against which actual performance can be measured and deviations can be found.
(ii) Measurement of actual performance : This step involves measuring actual performance of various individuals and groups for comparing it with the standards. There are several techniques for measurement of performance personal observation, sample checking, performance reports etc.
(iii) Comparing actual performance with standards : After measuring the performance, the next step is to compare actual performance with standard performance. Such comparison will reveal the deviation between actual and desired results.
(iv) Analysing deviations : If the deviations are within reasonable limits they may be ignored. Only significant deviations from the standards should be reported to the management.
(v) Taking corrective actions : No corrective action is required when the deviations are within the acceptable limits.

Controlling is measuring and correcting the activities of subordinates to ensure that events conform to plans.
1. Setting Performance Standards
Standards are the criteria, against which actual performance would be measured. These serve as benchmarks, towards which an organization strives to work.
The first step of the control process is to establish standards, against which actual results are to be evaluated. standards are set in quantitative as well as qualitative terms. But, managers should try to set standards in quantitative terms, which can be easily measured and compared later on.
If standards are set in qualitative terms, an effort must be made to define them clearly for easy measurement. Due to changes taking place in the internal and external environment, standards need to be revised regularly.

2.Measurement of Actual Performance
Once the standards are fixed, the next step is to measure the actual performance. Generally, it is conducted by the managers to analyze the overall efficiency level of the employees. While measuring the performance, objective and reliable methods should be used, such as sample checking, preparing reports, personal observation, etc.
Measurement should be done after the task is completed. However, sometimes performance can be measured during the performance to ensure regular control over the activities. Usually, in large organizations, certain pieces are checked at random, instead of checking the whole lot. This is called sample checking.
3. Comparing Actual Performance with Standards
This step involves comparison of actual performance with the standard. Such comparison helps in revealing the deviations between actual and desired results. The comparison becomes easier when standards are set in quantitative terms.
4. Analyzing Deviations
Under this step, deviations in key areas of business need to be attended on urgent basis as compared to deviations in certain insignificant areas. There is need to determine the acceptable range of deviations in all operational areas. Following points should be kept in mind while analyzing deviations:
(i) Critical Point Control
According to this principle, the control system should first focus on Key Result Areas (KRAs) which are critical to the success
of the organization. It is because it is not possible to keep a check on all the activities of the enterprise. Therefore, if anything goes wrong at the critical points or key areas, immediate action should be taken. e.g. A 5% increase in labor cost is more critical than a 20% increase in postal charges, as 5% increase in labor cost will affect profitability.
(ii) Management/Control by Exception
Thus, in this context, it is stated that managers should first handle the deviations, which are beyond the specific range and he should not waste his time and energy in finding solutions of minor deviations. e.g. 2% increase in labor cost is an acceptable range of deviation. If the labor cost exceeds beyond 2%, immediate action should be taken.
Advantages of critical point control and Management by exception 
The following are the advantages of critical point control and management by exception:
(a) It saves time and effort of the managers as they deal with major deviations only.
(b) There is better utilization of managerial talent.
(c) It facilitates delegation of authority and increases morale when routine problems are left to the subordinates.
It suggests that, if the manager tries to control everything, he may end up in controlling nothing.
(d) Timely action helps to keep the organization on the right track.
5.Taking Corrective Action
This is the final step in which manager takes corrective measures to bring back everything on track in the organization i.e. according to set plans, corrections are required in KRAs, which are critical to the success of the organization, or, in areas where deviations go beyond the permissible limits.
Corrective action may involve training of employees, hiring labor for extra time, replacement of machinery, etc. Sometimes, if deviations cannot be corrected despite the best efforts of managers, standards may be revised.

Controlling is measuring and correcting the activities of subordinates to ensure that events conform to plans.
1.Setting Performance Standards
Standards are the criteria, against which actual performance would be measured. These serve as benchmarks, towards which an organization strives to work.
The first step of the control process is to establish standards, against which actual results are to be evaluated. standards are set in quantitative as well as qualitative terms. But, managers should try to set standards in quantitative terms, which can be easily measured and compared later on.
If standards are set in qualitative terms, an effort must be made to define them clearly for easy measurement. Due to changes taking place in the internal and external environment, standards need to be revised regularly.

2.Measurement of Actual Performance
Once the standards are fixed, the next step is to measure the actual performance. Generally, it is conducted by the managers to analyze the overall efficiency level of the employees. While measuring the performance, objective and reliable methods should be used, such as sample checking, preparing reports, personal observation, etc.
Measurement should be done after the task is completed. However, sometimes performance can be measured during the performance to ensure regular control over the activities. Usually, in large organizations, certain pieces are checked at random, instead of checking the whole lot. This is called sample checking.
3. Comparing Actual Performance with Standards
This step involves comparison of actual performance with the standard. Such comparison helps in revealing the deviations between actual and desired results. The comparison becomes easier when standards are set in quantitative terms.
4. Analyzing Deviations
Under this step, deviations in key areas of business need to be attended on urgent basis as compared to deviations in certain insignificant areas. There is need to determine the acceptable range of deviations in all operational areas. Following points should be kept in mind while analyzing deviations:
(i) Critical Point Control
According to this principle, the control system should first focus on Key Result Areas (KRAs) which are critical to the success
of the organization. It is because it is not possible to keep a check on all the activities of the enterprise. Therefore, if anything goes wrong at the critical points or key areas, immediate action should be taken. e.g. A 5% increase in labor cost is more critical than a 20% increase in postal charges, as 5% increase in labor cost will affect profitability.
(ii) Management/Control by Exception
It suggests that, if the manager tries to control everything, he may end up in controlling nothing.
Thus, in this context, it is stated that managers should first handle the deviations, which are beyond the specific range and he should not waste his time and energy in finding solutions of minor deviations. e.g. 2% increase in labor cost is an acceptable range of deviation. If the labor cost exceeds beyond 2%, immediate action should be taken.
Advantages of critical point control and Management by exception 
The following are the advantages of critical point control and management by exception:
(a) It saves time and effort of the managers as they deal with major deviations only.
(b) There is better utilization of managerial talent.
(c) It facilitates delegation of authority and increases morale when routine problems are left to the subordinates.
(d) Timely action helps to keep the organization on the right track.
5. Taking Corrective Action
This is the final step in which manager takes corrective measures to bring back everything on track in the organization i.e. according to set plans, corrections are required in KRAs, which are critical to the success of the organization, or, in areas where deviations go beyond the permissible limits.
Corrective action may involve training of employees, hiring labor for extra time, replacement of machinery, etc. Sometimes, if deviations cannot be corrected despite the best efforts of managers, standards may be revised.

Planning and controlling are interrelated and interdependent
Planning is the base of controlling function, as controlling involves measurement of performance against the standards to analyze deviations and take corrective action. Thus, controlling is impossible without planning.
Planning without controlling is meaningless because, in the absence of controlling, it is impossible to minor the progress and keep a check on the proper implementation of plans. Thus, without controlling, planning will fail to achieve objectives.
Planning is a thinking process while controlling is an executive function. While planning involves creative thinking, imagination and sound judgment, controlling ensures that such decisions are converted into desired actions. Thus, planning is prescriptive, whereas, controlling is evaluative.
On the basis of the above discussion, it is concluded that planning and controlling are interrelated and reinforce each other because:
(i) Planning based on facts makes controlling easier and effective.
(ii) Controlling improves future planning by providing information derived from past experiences. 
Both are Forward-looking as well as Backward-looking Functions
1. Planning is a Forward-looking Function
Planning involves setting objectives and deciding the future course of action to achieve them. Thus, it is regarded as a forward-looking function.
2. Controlling is a Backward-looking Function
Controlling involves a post-mortem of the past activities of an enterprise and finding out deviations from the targeted standard. Thus, it is regarded as a backward-looking function.
3. Planning is a Backward-looking Function
Planning is guided by the past experiences and corrective actions taken in the controlling process. Thus, it is regarded as a backward-looking function.
4. Controlling is a Forward-looking Function
The process of control necessarily involves analyzing deviations and taking corrective action, which aims to improve future performance and achievement of predetermined goals. Thus, it is regarded as a forward-looking function.

Planning is the basis for control in the sense that it provides the entire spectrum on which control function is based. In fact, these two terms are often used together in the designation of the department which carries production, planning and scheduling. Control measures the behaviour and activities in the organisation and suggests measures to remove deviations, if any.
Control is the result of particular plans, goals or policies. Thus, planning offers and affects control. Also,planning is affected by control in the sense that much of the information provided by control is used for planning. Thus, there is a reciprocal relationship between planning and controlling.

Importance of controlling
Controlling is an indispensable function of management due to the following reasons:
1. Accomplishing Organizational Goals
It measures progress towards the organizational goals and find out deviations. In the absence of control system, activities may not be carried out according to plans. Thus we can say, it guides the organization and keeps it on the right track, so that it can attain its goals.
2. Judging Accuracy of Standards
Through an effective control system, managers can easily judge the accuracy of standards. It also keeps a careful check on the changes taking place in the organization and in the environment, which facilitates the review of standards, in the light of such changes.
3. Making efficient use of Resources
By exercising control, a manager seeks to reduce wastage and spoilage of resources. Each activity is performed in accordance with predetermined standards and norms, which helps in effective and efficient utilization of resources.
4. Improving Employees Motivation
It helps employees in realizing, what they are expected to do and what are the standards of performance, on the basis of which they are appraised. This motivates them to perform better.
5. Ensuring Order and Discipline
By keeping a check on the activities of the workers, controlling creates an atmosphere of order and discipline among them. It also helps to keep a check on the dishonest behavior of employees.
6. Facilitating Coordination in Action
It provides direction to all activities and each department and employee is governed by predetermined standards, which helps in establishing coordination among them.

Importance of controlling
Controlling is an indispensable function of management due to the following reasons:
1. Accomplishing Organizational Goals
It measures progress towards the organizational goals and find out deviations. In the absence of control system, activities may not be carried out according to plans. Thus we can say, it guides the organization and keeps it on the right track, so that it can attain its goals.
2. Judging Accuracy of Standards
Through an effective control system, managers can easily judge the accuracy of standards. It also keeps a careful check on the changes taking place in the organization and in the environment, which facilitates the review of standards, in the light of such changes.
3. Making efficient use of Resources
By exercising control, a manager seeks to reduce wastage and spoilage of resources. Each activity is performed in accordance with predetermined standards and norms, which helps in effective and efficient utilization of resources.
4. Improving Employees Motivation
It helps employees in realizing, what they are expected to do and what are the standards of performance, on the basis of which they are appraised. This motivates them to perform better.
5. Ensuring Order and Discipline
By keeping a check on the activities of the workers, controlling creates an atmosphere of order and discipline among them. It also helps to keep a check on the dishonest behavior of employees.
6. Facilitating Coordination in Action
It provides direction to all activities and each department and employee is governed by predetermined standards, which helps in establishing coordination among them.
Limitations of Controlling
The process of controlling suffers due to following reasons:
1. Difficulty in Setting Quantitative Standards
Control system is effective when standards are defined in quantitative terms. But in some cases, like employee morale, job satisfaction, etc, it is not possible to set quantitative standards. In the absence of these standards, measurement and comparision becomes difficult.
2.Little Control on External Factors
There are certain external factors like change in government policies, technological changes, competition, etc, which are beyond the control of the organization. Thus, controlling such factors becomes difficult.
3. Resistance from Employees
Employees often resist control as they consider it as restriction or boundation on their freedom. e.g. employees might resist working under close supervision of CCTV's and cameras.
4. Costly Affair
Control is a costly affair as it involves a lot of expenditure, time and effort. A small firm cannot afford to install an expensive control system. The cost of control system should not exceed the benefits derived from it.