Douglas Hubbard, in his book "The Failure of Risk Management", claims that risk management failed us in the lead up to the GFC because of flawed risk models, the use of qualitative risk assessment through the use of risk matrices or both. He contends that anything can be measured and that we should be measuring.
The case for quantification
There is no doubt in my mind that quantification is better than using our best judgement because our minds are at the mercy of our psychological biases. A coup
