The survival and future well-being of the U.S. and the free world depend largely on the ability to increase efficiency and effectiveness in the management of accelerating technology. Managerial competence is essential to translate growing scientific and technological achievements into practical programs and applications. As a nation, we recognize urgent forces accelerating drive to create new, complex systems to prevent or win a war with communism. Many of the advanced-technology industries are associated directly or indirectly with national defense, space exploration, atomic energy, or some other federally sponsored procurement: or research and development program. With a Department of Defense budget of over $50 billion for the fiscal year 1963, $4 billion for the National Aeronautics and Space Administration, and almost $3 billion for the Atomic Energy Commission, nearly $60 billion will be spent for these purposes. This article will trace the impact of science and technology on our economy and will outline the perceptible future trends. It will then discuss the relation of management to these developments and, finally, it will set forth several suggestions for insuring more effective performance of the managerial role.