What is Wisdom of The Crowd | Explained in 2 min

Summary

In this video, Janice explains the concept of 'Wisdom of the Crowd,' which suggests that group decisions tend to be more effective than those made by a single expert. By involving diverse team members with different perspectives and skills, you can generate better ideas and solutions. Janice highlights the importance of collaboration and how it not only enhances decision-making but also fosters team appreciation. She encourages viewers to involve their teams in creative processes and decision-making for better outcomes.

Takeaways

• 💡 Involving your team in decision-making can lead to better outcomes.
• 📚 The wisdom of the crowd is the collective opinion of a group rather than a single expert.
• 🤝 Groups often generate better ideas than individuals due to diverse perspectives.
• 🔒 People sometimes avoid sharing ideas for fear of theft, which can lead to failures when they launch without feedback.
• 👥 Collaboration and outside perspectives lead to more successful decisions and creative solutions.
• 🌍 A more diverse group with different skills and backgrounds produces better decisions and ideas.
• 🧑‍💻 Team members, even those in specialized roles like developers, can contribute valuable insights beyond their main expertise.
• 💬 Including team members in decision-making makes them feel appreciated and valued.
• 🎯 Encouraging team collaboration can help overcome challenges and obstacles more effectively.
• 👍 Liking and sharing content helps spread valuable messages, like the wisdom of the crowd, to more people.

Q & A

What is the 'wisdom of the crowd'?

'Wisdom of the crowd' is the collective opinion of a group of individuals, which often results in better decisions or ideas compared to those made by a single expert.

Why is involving a team in decision-making important?

Involving a team in decision-making helps bring diverse perspectives, which can lead to better ideas and solutions. It also makes team members feel appreciated and valued.

How does the 'wisdom of the crowd' improve decision-making?

Groups often make better decisions because they can analyze problems from different perspectives, drawing from a broader range of experiences and knowledge.

Why do some people prefer to work secretly on their ideas?

Some people prefer to work secretly because they fear that others might steal their ideas, leading to a lack of feedback or external input.

What is a common pitfall of working on ideas in isolation?

A common pitfall is launching an idea without receiving feedback, which often results in failure because it lacks external perspectives and critical input.

How can team diversity impact decision-making?

A more diverse team can make better decisions because members with different skills and backgrounds bring unique viewpoints, leading to richer discussions and more creative solutions.

What is the benefit of involving a team member like a web developer in decision-making?

Involving team members like web developers, who may have broader knowledge and experience, allows you to gain new insights and helps them feel more appreciated as part of the team.

What are the two main benefits of involving others in decision-making, according to the video?

The two main benefits are: gaining new perspectives to improve decision-making and making team members feel valued and appreciated.

Why is it important to get feedback during the creative process?

Getting feedback during the creative process allows for external perspectives and helps to identify potential issues early, increasing the chances of success.

What is the primary message of the video?

The primary message of the video is to encourage involving teams in decision-making processes to harness the 'wisdom of the crowd' for better outcomes.