Beyond Risk Management. What Are The Alternatives?

When facing large doses of uncertainty risk model-based methods of managing uncertainty don’t work. One thing is to manage an assembly line producing, for example, computer chips, another is to run a company in a globalized, turbulent, chaotic, non-stationary and shock-punctuated economy. Some things can be accomplished via mathematical modeling some cannot. Sure, you can…

Optimality: The Recipe for Disaster

There still seems to be a rush towards optimal design.  But there is no better way to fragility and vulnerability than the pursuit of peak performance and perfection – optimality in other words. But let’s take a look at the logic behind this risky and outdated practise:  Based on a series of assumptions, a math model…