The simplest way I can summarize the situation is to say that there are now in the world machines that think, that learn and that create. Moreover, their ability to do these things is going to increase rapidly until in a visible future - the range of problems they can handle will be coextensive with the range to which the human mind has been applied.
Herbert Simon (1957)
Informed Choice
Fifth Capital interfaces the application of behavioural sciences with the use of quantitative models and artificial intelligence in support of informed choice and decision making in the face of uncertainty. Fifth capital applies a Bounded rationality framework in order to bring into relief the limitations inherent in quantitative models used to describe real-world phenomena and the role of leadership and the organization's cultural values in resolving decisions.
Risk includes quantitative elements insofar that the likelihood of the occurrence of some events is commonly estimated through the use of models that are probabilistic in nature; their applicability and the ability to interpret their output is conditional upon the correct definition of the subject problem and an awareness of the assumptions or simplifications made whether explicit or implicit to allow for their construction. Additionally, models that do not account for the social or political costs of risk outcomes account neither for the multi-dimensional engagement of risk experienced by stakeholders nor the individual weighting amongst stakeholders of the importance ascribed to each outcome.