Ajax National is the world’s largest machine tool equipment manufacturer. Its success is based on the experience of its personnel. The majority of its department managers are fortyfive to fifty-five-year-old, nondegreed people who have come up from the ranks. Ajax has just hired several engineers with bachelors’ and masters’ degrees to control the project management and project engineering functions. Can this pose a problem? Are advanced-degreed people required because of the rapid rate of change of technology?