Wisdom Of Crowds

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My favorite wisdom of crowds insights

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Wisdom Of Crowds

  1. 1. My favoriteWisdom of Crowdsquotes<br />Mixed byMaarten Cannaerts<br />Images: www.sxc.hu– “The wisdom of crowds” was writtenby James Surowiecki<br />
  2. 2. Groups do not have to be dominated by exceptionally intelligent people in order to be smart<br />
  3. 3. Madness is the exception in individuals but the rule in groups<br />(F. Nietsche)<br />
  4. 4. The best collective decisions are the product of disagreement and contest<br />not consensus <br />or compromise.<br />
  5. 5. There are four conditions that characterize wise crowds…<br />
  6. 6. 1. Diversity of opinion <br />(each person should have some private information, even if it’s just an eccentric interpretation of the known facts)<br />
  7. 7. 2. Independence<br />(people’s opinions are not determined by the opinions of those around them)<br />
  8. 8. 3. Decentralization<br />(people are able to specialize and draw on local knowledge)<br />
  9. 9. 4. Aggregation<br />(some mechanism exists for turning private judgments into a collective decision)<br />
  10. 10. Companies have been surprisingly unwilling to improve their decision making by tapping into the collective wisdom of their employees.<br />
  11. 11. What makes a system successful is its ability to recognize losers and kill them quickly<br />
  12. 12. It is better for reputation to fail conventionally than to succeed unconventionally.<br />
  13. 13. Inventionis an individual enterprise, <br />but selecting among inventions is a collective one.<br />
  14. 14. Encouraging people to make incorrect guesses makes the group as a whole smarter.<br />
  15. 15. One key to successful group decisions is getting people to pay much less attention to what everyone else is saying.<br />
  16. 16. Paying taxes is individually costly but collectively beneficial.<br />
  17. 17. Today’s complex problem solving requires multiple perspectives The days of Leonardo da Vinci are over.<br />(E. Wenger)<br />
  18. 18. Confirmation bias causes decision makers to unconsciously seek those bits of information that confirm their underlying intuitions.<br />
  19. 19. Endless layers of management can make people less willing to take <br />responsibilityfor their own work<br />
  20. 20. [There is a] correlation between upward mobility and not telling the boss about things that had gone wrong.<br />
  21. 21. Certain kinds of information can make things worse – not all information is created equal.<br />

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