Step 1: Evaluate statement I.
Life Cycle Analysis (LCA) is a methodology to assess the environmental impacts of a product throughout its life cycle — raw material extraction, production, use, and disposal. It aims to identify hotspots and suggest improvement strategies.
Thus, Statement I is correct.
Step 2: Evaluate statement II.
Environmental Impact Assessment (EIA) indeed involves identifying, predicting, and evaluating environmental impacts of projects. Its purpose is to propose mitigation strategies and ensure sustainable development.
Thus, Statement II is correct.
Therefore, both statements are correct.
Final Answer:
\[
\boxed{\text{(C) Both I and II are correct}}
\]