Editorial Reviews. From Publishers Weekly. While our culture generally trusts experts and The Wisdom of Crowds - Kindle edition by James Surowiecki. [His] accounts of how the wisdom of crowds has formed the world we live in . The wisdom of crowds: why the many are smarter than the few and how collective. In this fascinating book, New Yorker business columnist James Surowiecki explores a deceptively simple idea: Large groups of people are smarter than an elite few, no matter how brilliant—better at solving problems, fostering innovation, coming to wise decisions, even predicting.
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In this fascinating book, New Yorker business columnist James Surowiecki explores a deceptively simple idea: Large groups of people are. No one in this world, so far as I know, has ever lost money by underestimating the intelligence of the great masses of the plain people.” —H. L. Mencken H. L. In this fascinating book, New Yorker business columnist James Surowiecki explores a deceptively simple idea: Large groups of people are smarter than an.
In evaluating and supporting the idea of the wisdom of crowds, Surowiecki looks at how collective intelligence can be applied to three kinds of problems: Cognition problems which have definitive solutions , coordination problems, and cooperation problems which require self-interested agents to work together. The first half of the book sets out the theory, thoroughly and entertainingly illustrated by examples. These include the smarts of the audience on game shows, how to design an excellent search engine, why short selling is a good thing, and how a group finds a lost submarine.
The second half of the book applies the ideas to show various ways in which people organize toward common goals in cases such as traffic, science, juries, committees, business organizations, markets, and democracies. Among the main points that may be useful to executives, Surowiecki emphasizes that for the crowd to be wise, it must be characterized by diversity of opinion, independence of members from one another, and a specific kind of decentralization, and there needs to be a good method for aggregating opinions.
He stresses that the best collective decisions result from disagreement and contest, not consensus or compromise. While corporations often rely on experts, the book does well at challenging our confidence in expertise as compared to the average of the crowd. In the course of a discussion of the role of independence, we learn that to improve your organization's decision making you should ensure that decisions are made simultaneously rather than one after the other.
Finally, I have to second Surowiecki's puzzlement at the apparent lack of interest by companies in using markets such as decision markets for corporate strategy and market research. Suroweiki engrossed me from the beginning.
Though this book appears to be a collection of anecdotes about how crowds often outthink the experts, it struck me as a blueprint for how decision-makers should harness the power of people.
Thus it is a treatise on smart business and marketing, good government, and sound organization management. Army veteran, the author propelled me to thoughts on how the military could use its people's collective wisdom, something on which I have written extensively: Nine Weeks: This means being honest about performance.
It means being honest about what's not happening. It means being honest about expectations. Unfortunately, there's little evidence that this kind of sharing takes place One of the things that gets in the way of the exchange of real information is the deep-rooted hostility on the part of bosses to opposition from subordinates. This is the real cost of a top-down approach to decision making: What makes this especially damaging is that people in an organization already have a natural inclination to avoid conflict and potential trouble.
It's remarkable, in fact, that in an autocratic organization good information ever surfaces. It's a book that anyone who has been around people should read. See all reviews. site Giveaway allows you to run promotional giveaways in order to create buzz, reward your audience, and attract new followers and customers.
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