Simplifying Complexity
A puzzle, a problem, and a mess
May 27, 2024
Gerald Ashley, Co-founder of St Mawgan & Co, discusses the difference between risk and uncertainty, categorizing issues as puzzles, problems, or messes. He explores the challenges of managing risks in decision-making, the complexities of uncertainty in financial markets, and the importance of acknowledging uncertainties and gathering diverse information for effective navigation.
41:35
Episode guests
AI Summary
Highlights
AI Chapters
Episode notes
Podcast summary created with Snipd AI
Quick takeaways
- Distinguishing between puzzles, problems, and messes is crucial for effective decision-making in complex systems.
- Converting uncertainties into risks through scenario planning is key to managing risk effectively in financial sectors.
Deep dives
Understanding Risk and Uncertainty in Complex Systems
In the podcast, Gerald Ashley discusses the challenges of managing risk in decision-making processes, especially in complex systems. Ashley introduces the concept of '19 and uncertainty,' highlighting the limitations of traditional risk models in predicting outcomes. He emphasizes the importance of distinguishing between messes, problems, and puzzles in decision-making processes. By exploring these distinctions, Ashley sheds light on the implications of mixing up these different types of issues on risk assessment and decision-making strategies.
Remember Everything You Learn from Podcasts
Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
