Well said sir! (Though I must confess I didn't get the whole argument...)
The 'traditional' ability to run a business (any business!) required the ability to gauge risk in the face of incomplete data and take decisions (finger's crossed)... The guys who got this right were known as 'shrewd' businessmen...
Of course now it just needs a fancy degree and a lot of staff who churn out the necessary risk management/ business case studies that bear out the decsision made by the fearless leader based on 'our experience, some finger-in-the-air guesses, and a pocket calculator'...
If the models could predict the correct decisions to make, well then what would all the high-priced managers (note NOT businessmen) do? Oh wait...
Posted by AC2 at February 3, 2009 05:02 AMhttp://www.technewsworld.com/story/66173.html?wlc=1234874365&wlc=1234877833
along the lines of "well, you have to talk dollar numbers to get funding, so you have to do it anyway, regardless of the utility of the model."
Posted by Sprited Defence at February 17, 2009 08:47 AM