Study the 5 conditions for Wisdom of Crowds to work, as mentioned in the PowerPoint Wisdom of Crowds . Write a 2-page paper a) discussing your analysis of whether these 5 conditions are valid; b)...

The key ideas of Wisdom of Crowds are explained in detail. First idea states that the more diverse is a group, the wiser are the decisions. Problems are tracked by heterogenous groups better than homogeneous groups. The former group involves people with different professions, age, religion and gender thus allowing different ideas and perspectives for a decision. The latter group has people with similar ideas and are incapable of thinking unconventionally. The second idea states that intelligence depends on the count of a group. The bigger, the intelligent. It is more diverse than a smaller group. With larger group, the members come from different standpoints and they include perspectives of minorities as well. Such groups openly debate on conflicts rather than avoiding them. Unlike small groups, the bigger groups do not monopolize the discussions or impact the decisions. The third key idea is that the hierarchies and herd behavior adversely impact the intelligence of the group. Big groups often...