The Wisdom of the Crowd Effect: Theory, Experiment, Examples and Explanation

What is the wisdom of the crowd? The wisdom of the crowds is a popular theory that gives you the option to find the right numeric answer to problems. It works by asking the same question to multiple people and averaging their answers to get to the right one. Let's understand what exactly is the wisdom of the crowds, whether is it actually reliable, how you can test it yourself, and how can it help you, with some real-life examples. Hope you enjoyed FutureIQ by Navin Kabra and Shrikant Joshi. Do hit us up on Twitter: @ngkabra http://twitter.com/ngkabra @shrikant https://twitter.com/shrikant Listen it on the podcast provider of your choice: https://tapthe.link/FutureIQRSS Watch other episodes of The FutureIQ podcast: https://www.youtube.com/playlist?list=PLAppTB0r5_TaYueZ0adD42Wiw5X-wTE4v #futureiq