Suroweicki's The Wisdom of Crowds

John Haywood once said that "they are better than one person." This may be the case when people need the best solution to the problem. In Surowicki's book, The Wisdom of the Crowd, he expressed a common idea that if a group is working toward a common goal, the result will go far beyond his goals . The averaging method helps determine the ability to group ideas into a single result. This will see how Surowiecki's idea offers more accurate forecasts to more people.

The story of Galton is not actually involving the crowd, the term comes from Surowicki. Galton's story involved 800 people who participated in the exhibition. Alternatively, a group of people are familiar with cattle weight and genocide practice. This is not about random people and experts. This is a story of a group of knowledgeable and enthusiastic participants. Let's repeat. This is not the "population" in the most general sense. This is a sample or market for voluntary participants based on information. Also note - Unlike social media platforms, Galton competitors are not biased by others (in a broad sense). Research showed that "crowd" tends to favor other people's forecasts. Competition, which is a typical example of this phenomenon, usually has some confidentiality. This is very important

Although the general concept is very good, Galton's story, Surowicki's book, and CBS's TV series are plagued by overly simplified and even logical errors. Since then, the story of Galton has proven to have several mathematical and communication challenges - some people are probably guessing the right person's weight. This does not silently exclude information. Let's analyze - analysis. The story of Galton is not actually involving the crowd, the term comes from Surowicki. Galton's story involved 800 people who participated in the exhibition. Alternatively, a group of people are familiar with cattle weight and genocide practice. This is not about random people and experts. This is a story of an enthusiastic group with knowledge of participants.

Basically, wisdom is experience and judgment. People of Galton have a kind of wisdom. They have experience. They have the right to enter. They were asked to make simple (at least mathematically) judgment. But wisdom also explains the decision making process. This process may not be as good as it should be. Do not be surprised if you hear that crowdsourcing is more complicated. Unlike Galton's example, crowdsourcing includes technology and variance decisions. In crowdsourcing, participants can apply various techniques, experiences, and methods to solve specific problems and share results. Luck is recognizing it through all the noise, but here is wisdom. (The CBS series confuses 90-10 rules, but we need to wait for another article)