Fast and frequent change in technology has put the present day managers under pressure. This pressure has impact on their personality dimensions and consequently on their capabilities to perform. So, one of the most critical issue of modern era is to study the impact of changing psychological dimensions on managerial effectiveness. This research was aimed to study effects of improved psychological traits like need for achievement and risk adaptiveness on managerial effectiveness. Statistical universe for this study was the managers having experience of more than three years from governmental and non-governmental organizations. Managerial Effectiveness, Need for achievement and Risk adaptiveness among managers were assessed by using the Index of Managerial Effectiveness test devised by Walter W. Hudson (1993) Achievement Motive Test (AMT) developed by Bhargava, V.P. (1994) and Risk Adaptiveness Test (RAT) developed by Rishipal & Jain, N (2012) respectively. A cross-sectional and longitudinal study was conducted by using the before and after with control group research design to compare the effectiveness of treatment group consisting of ineffective managers having lower tendency of need for achievement and risk adaptiveness and control group consisting of the effective managers having higher degree of need for achievement and risk adaptiveness. Control and treatment group were formed by adopting the sampling technique of randomization on availability basis. Before treatment both the control and treatment group were tested. The mean scores for managerial effectiveness (ME), need for achievement (N-ach) and risk adaptiveness (RA) for control group were 174, 39 and 26 respectively whereas the mean scores of test group before treatment for managerial effectiveness (ME), need for achievement (N-ach) and risk adaptiveness (RA) were 73, 18 and 9 respectively. There was significant difference between the pre and post treatment mean scores values of managerial effectiveness (M