P bworks

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P bworks

  1. 1. The wisdom of crowds<br />by James Surowiecki<br />
  2. 2. Aim… <br />To find out ….Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations<br />
  3. 3. Author…James Michael Surowiecki<br /><ul><li>PhD from Yale University
  4. 4. American Journalist
  5. 5. Works as a staff writer at The New Yorker
  6. 6. Published his book in 2004</li></li></ul><li>The collection of information in groups, resulting in decisions that are often better than decisions made by any single member of the group. <br />Theme:<br />
  7. 7. Concept that determines the wise crowd..<br /><ul><li>Diversity of Opinion
  8. 8. Independence
  9. 9. Decentralization
  10. 10. Aggregation</li></li></ul><li>Diversity of Opinion…<br /><ul><li>Each individual has his/her opinion based on his/her knowledge about that condition
  11. 11. Expands the range of possible solutions</li></li></ul><li><ul><li>Each individuals opinion is independent of others
  12. 12. Herd behavior </li></ul>Independence…<br />
  13. 13. <ul><li>Individuals are able to specialize and draw conclusions based on their knowledge it is like a guess work
  14. 14. Key factor -Aggregate behavior
  15. 15. http://www.youtube.com/watch?v=Gqli97iKiaM</li></ul>Decentralization…<br />
  16. 16. Compilation of opinions and working on the one which is given by most of the people from a group - Majority wins <br />Aggregation…<br />
  17. 17. Co-ordination: <br /><ul><li> Problems that don’t necessarily have an objectively “correct” answer, but which are framed in terms of coordinating actions with everyone else’s actions
  18. 18. Difficult to solve</li></ul>Problems..<br />
  19. 19. Co-operation:<br /><ul><li>Similar to co-ordination
  20. 20. Participants need to look at broader picture as a part of an organization or society</li></ul>Problems..<br />
  21. 21. <ul><li>Brief explanation of wisdom of crowd –</li></ul>http://www.youtube.com/watch?v=3Sgd1Ibnz2s&feature=related<br /><ul><li>Author`s Interview –</li></ul>http://www.youtube.com/watch?v=U0LhDQD7-ms&feature=related<br />Links..<br />

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