Risk Analysis Makes No Sense … does it?

Take a look at this article.
http://www.zdnet.com/blog/security/security-engineering-broken-promises/6503

You're back?  What did you think of it?

OK, now look again, scroll down the section titled "Risk Management".  It picks up on a number of themes I've discussed and has this interesting observation:

Prioritization of security efforts is a prudent step, naturally. The problem is that when risk management is done strictly by the numbers, it does deceptively little to actually understand,  contain, and manage real-world problems. Instead, it introduces a dangerous fallacy: that structured inadequacy is almost as good as adequacy, and that underfunded security efforts plus risk management are about as good as properly funded security work.

Guess what? No dice:

The author goes on to illustrate a number of ways that the approach we as the InfoSec community have preached and practised makes no sense.