"A stochastic process is about the results of convolving probabilities-which is just what management is about, as well."

“The development of the Watt governor for steam engines, which adapted the power output of the engine automatically to the load by means of feedback, consolidated the first Industrial Revolution.”

“We have, over the centuries, devised a management structure for running things, whether firms or whole countries. This structure depends absolutely on the limitations of the human hand, eye, and brain. The discoveries of management cybernetics, coupled with the techniques of operational research and with the new technology of automation, make possible a new way of running things which is not so limited. Yet we insist on retaining the original structures and automating them. In so doing, we enshrine in steel, glass, and semiconductors those very limitations of hand, eye, and brain that the computer was invented precisely to transcend.”

“Too close a view may interfere with one's grasp of an overall problem or concept”

“Certain management policies-stretching of credit resources, for example-may lead to great progress in good conditions; but, like the Grand Prix car in comparison with the Land Rover, they may not be robust enough to survive when the going gets tough.”

“The strategies that managers employ are at least as important as the facilities at their disposal.”

“Policy-making, decision-taking, and control: These are the three functions of management that have intellectual content.”