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The Wisdom of Crowds Reflection

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Submitted By cseverson11
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The Wisdom of Crowds
By: James Surowiecki
Reflection

In The Wisdom of Crowds, James Surowiecki explores the many benefits of collective intelligence in a variety of cases. Through detailed theory, he explains three problems (cognition, coordination, and cooperation), and the conditions necessary for crowds to be wise (diversity, independence, and decentralization). He also includes many case studies that show examples of collective intelligence being successful or floundering. The idea of a crowd is broad in this case. A crowd can span from all users of the internet using a search engine such as Google to a small team of scientist working to find a vaccine for SARS. His general theory includes four main characteristics to what makes wise crowds. They must include diversity in opinion where everyone has their own private information or interpretation of the information. Also, there must have independence of opinion. Opinions can’t be based off of the opinions of others. Next, decentralization where people can draw from their own local knowledge is a key to wise crowds. Lastly, information must be able to be aggregated. This is the ability of judgments to be turned into a collective agreement. With these four characteristics, crowds are able to collectively create a better source of information and decision making. After reading this thought-provoking book, my eyes were opened in terms of how I view business and management. Management cannot be successful without the use of teams. Properly used teams are a key aspect to proper decision making and finding information. Through individual analysis and discussion with my team, I have noticed that this is the most important aspect of The Wisdom of Crowds. Not only was this one of the main point Surowiecki was trying to get across, but it greatly affected how I will look at business and management

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