CHANAKYA AND FUNCTIONAL MANAGEMENT IN TIMES OF CHANGE

At the present era of Liberalised, Privatised and Globalised (LPG) dynamic business environment and competition, the success of an organisation depends upon the effective strategies framed by such organisation. Management is a continuous process and it involves numerous functions and the management focuses more on developing strategies and policies for the best possible performance of the business. While developing the strategies and policies, the management is facing many problems and issues that make difficult the effective management of the organisation. In this context of contemporary relevance of management, the various functions of management like finance, human resource management etc. is originated and practiced from ancient dynasty of Chandragupta Maurya. During this period, the Finance Minister of Chandragupta Maurya, Chanakya practiced many strategies and practices focusing on Financial Management, Human Resource Management, Strategic Management which are base of the modern scientific principles and practices in these relevant areas of management of an organisation. He wrote a book, Arthasasthra, which denotes many references regarding the principles of management of an organisation, especially the Financial Management and Accounting.