On the issue of objective vs subjective information, you will always need the right balance of both. I addressed a similar topic on the subject of militar’s Effect Based Operational concept.
Did managers of risk outsmart themselves? Joe Nocera, New York Times magazine, Jan 4, 2009.
The story that I have to tell is marked all the way through by a persistent tension between those who assert that the best decisions are based on quantification and numbers, determined by the patterns of the past, and those who base their decisions on more subjective degrees of belief about the uncertain future. This is a controversy that has never been resolved.’
— FROM THE INTRODUCTION TO ‘‘AGAINST THE GODS: THE REMARKABLE STORY OF RISK,’’ BY PETER L. BERNSTEIN
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