Step 1: Evaluate Assertion (A): Controlling should not be misunderstood as the last function of management.
Although controlling appears last in the sequence of management functions (Planning, Organising, Staffing, Directing, Controlling), calling it merely the last function is misleading. Management is a continuous cycle, not a one-time sequence that ends with control.
Step 2: Explore why Controlling is not simply the last function.
Controlling involves measuring actual performance against planned standards, identifying deviations, diagnosing their root causes, and taking corrective action. This corrective action directly feeds back into the planning stage for the next cycle.
Step 3: Evaluate Reason (R): Controlling brings the management cycle back to planning.
This is factually accurate. When managers identify deviations, they revise plans, set new targets, or change strategies. This means controlling triggers the beginning of a new planning cycle, making management a continuous loop rather than a linear process.
Step 4: Check whether Reason (R) correctly explains Assertion (A).
Yes, the reason that controlling feeds back into planning is exactly why it should not be seen as merely the last or final step. The Reason directly and logically explains the Assertion.
Step 5: Assess the options.
Both statements are individually true, and the Reason provides the correct explanation for the Assertion. This matches Option (D).
Step 6: Confirm the answer.
Both (A) and (R) are true, and (R) correctly explains (A).
\[ \boxed{ \text{(D) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).} } \]