Articles Tagged With: "wisdom of crowds"
Prediction Markets apply group intelligence techniques such as the wisdom of crowds to provide new insights into certain types of decisions about the future which an enterprise must make. According to Andrew McAfee of MIT Sloan School of Management and the author of the book Enterprise 2.0. "They may seem like strange beasts but prediction markets are simply stock markets; they contain securities that are bought and sold by traders." Read his excellent 2-page introduction.
What do killer bees, locusts, field mice, mayflies, starlings, cicadas, cuban land crabs, driver ants, redflies, locust birds, silver carp and honey bees all have in common? The "Wisdom of Crowds" or in other words the ability to Swarm in huge groups.
I am the team! It might sound like heresy but sometimes the most effective way to produce something is not through collaboration but by just doing it yourself.
The Delphi Technique is a proven way to harness collective group intelligence (popularly known as "the wisdom of crowds") in a wide range of applications. It is also non-proprietary and supported by a number of excellent free resources.
It is a natural human trait to believe that we (the species) are the inventors of all clever things. Not so. One of the humbling things that biomimicry teaches us very quickly is that many times Mother Nature has beaten us to it! For example, take one of our proudest achievements: elections and democracy....
I have noticed that there are four things which good teams seem to do and which bad teams don't do. Check to see how your own team shapes up.
The Wisdom of Crowds and Collective Intelligence are very useful concepts but not if they are used in the wrong places. Confusing these two concepts will only produce bad results for your groups and teams.
The Delphi Technique is a proven way to harness collective group intelligence (popularly known as the wisdom of crowds) in a wide range of applications.
The ever thoughtful David Pollard has an excellent article on the Wisdom of Crowds versus the Wisdom of Witch Doctors (Consultants and Senior Management) and how to tell the difference. By Paul Sweeney.
Could a virtual team have a million members? Recent developments in mass collaboration, distributed computing and the wisdom of crowds suggest the answer might be yes.