WISDOM OF THE CROWD
The Civil Writer Magazine
“Wisdom of the Crowd” is not very wise because it is tainted with many opinions. The wisdom of the crowd is the collective opinion of a group of individuals rather than that of a single expert. This process, while not new to the Information Age, has been pushed into the mainstream spotlight by social information sites, i.e., Facebook, Twitter and others. There is a belief that many are smarter than the few because people are able to specialize and draw on more knowledge. In some cases, groups are remarkably intelligent and are often smarter than the smartest people in them. But the crowd can only do as well as its smartest member. The downside to the wisdom of the crowd is someone can be easily influenced. Social influences and can cause answers to be wildly inaccurate. The summary is, groups can make better decisions because of diverse information but if everyone let themselves be influenced by each other’s guesses, there’s more of a chance that the guesses will drift towards a misplaced bias. The problem with a crowd decision is not knowing if it is a perfect knowledge or a hazard guess. Leveraging your own intelligence is the best decision making. Either way whether there is or isn't a crowd decision it is all based on decision-making and risk analysis.