In this paper, we compare the role of constant and Michaelis-Menten type harvesting in single species population control in presence of correlated noise sources. Our aim is to determine a statistical correlation between the noises in the model parameters and population size. The characteristic time scale over which the population size of prey and predator varies are very much different, this fact justifies to consider a single species model as the predator population can be chosen to be constant within the generation time of prey. Steady state probability distributions and stationary potentials of the population are determined by Fokker-Planck equations. Stochastic bifurcation analysis and mean first passage times have been computed. Noise induced critical transitions are observed depending on the strength of the noises. The extinction possibility of population in stochastic control with Michaelis-Menten type harvesting is higher than the constant harvesting. One of our key findings is the transition from bistable to tristable state for weak noises. Another valuable finding is the noise enhanced stability phenomenon for negatively correlated noises. Constant rate of harvesting is better in deterministic case whereas Michaelis-Menten type harvesting is better in stochastic case to reduce population size. The obtained results may be helpful to understand toxin producing phytoplankton blooms and its control in marine ecosystem. Moreover, the study can be useful to explain wild prey population outbreak or extinction in forest.