Business Practices that Change the World

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The Wisdom of the crowds

wisdom of the crowds

Introduction

In 1841, the Scottish journalist Charles Mackay published an essay entitled “Extraordinary popular delusions and the madness of crowds”. It is in fact a popular belief that people usually get dumb when they gather into crowds. James Surowiecki’s book discusses several situations where this is absolutely wrong, and collective perception, behaviour, or problem-solving can in fact outperform any given individual. He further stresses that, for such a “wisdom of crowds” to happen, certain conditions must be met. (more…)

six thinking hats

‘Six Thinking Hats’ is a powerful technique that helps you look at important decisions from a number of different perspectives. It helps you make better decisions by forcing you to move outside your habitual ways o thinking. As such, it helps you understand the full complexity of the decision, and spot issues and opportunities to which you might otherwise be blind. (more…)