The Present

IIPM MANAGEMENT INSTITUTE
Think of Wikipedia, the internet encyclopedia created and maintained through the collaboration and cooperation of over 75,000 online volunteers, some of whom are experts and others who aren’t. These volunteers are diverse, independent, and draw on their own knowledge about a particular subject. Similar to Galton’s contest at the West of England Exhibition, Wikipedia gives the volunteers a way to aggregate their knowledge in an encyclopedia judged to be as good as or better than similar works such as the Encyclopedia Britannica or MSN Encarta.

All crowds are not wise. Think of mobs and riots. Think of investors crazed by a rapidly rising or a plummeting stock market. In his 2004 book The Wisdom of Crowds, James Surowiecki categorizes 3 types of crowd wisdom namely, cognition or market judgment, coordination of behavior and cooperation. He also gives 4 essential elements, which distinguish wise crowds from irrational ones:

· Diversity of opinion: each person has some information known only to him
· Independence: one’s opinions are not determined by opinions of other crowd Members
· Decentralization: each person can specialize and use local knowledge
· Aggregation: a mechanism exists for turning individual knowledge and opinions into a collective decision

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Source : IIPM Editorial, 2007

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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