COMPLEXITY THEORY

Risk Management and Decision Making Glossary

Risk Management and Decision Making — Complexity Theory

Information on Complexity Theory

Complexity theory begins by acknowledging the interrelated nature of things as well as emergence, where the whole is experienced as greater than the sum of the parts. Complexity theory recognises a special form or emergence called spontaneous self-organisation. What exactly gives rise to spontaneous self-organisation is difficult if not impossible to know, at least by the human mind. Complexity theory appreciates the world as a whole, comprising many, many interrelationships expressed as endless occurrences of spontaneous self-organisation. The great extent and dynamic nature of the interrelationships and spontaneous self-organisation means that is it is only possible for us to get to grips with some things and only those that are local to us in space and time (Flood, 1999: 2). Complexity theory (Kaufman, 1995; Axelrod, 1997; Holland 1998) as an emerging field of study has evolved from five major knowledge areas: mathematics, physics, biology, organisational science, and computational intelligence and engineering.

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