BizBasics: ‘Wisdom of Crowds’

Who would be better at telling the future: An expert, or a group of nonexperts? The group of nonexperts could probably tell you.

Crowds make for surprisingly intelligent forecasters, particularly when composed of diverse individuals with independent perspectives. When their predictions are averaged, the result is more accurate than an expert’s. Darden Professor Yael Grushka-Cockayne discusses the wisdom of crowds and explains how a collection of opinions can forecast the future.

The BizBasics video series, created by the University of Virginia Darden School of Business, is designed to explain basic business concepts and common business buzz words.

Professor Grushka-Cockayne teaches in the Executive Education program Strategic Analysis and Decision-Making, which shows participants how to use predictive models and forecasting tools to break down the elements of decision-making and reduce uncertainty.

About the Faculty

Yael Grushka-Cockayne

Grushka-Cockayne’s research and teaching activities focus on decision analysis, forecasting, project management and behavioral decision-making.

As an expert in the area of project management, she has served as a consultant to international firms in the aerospace and transportation industries. She is the secretary/treasurer of INFORMS Decision Analysis Society, a U.Va. Excellence... Learn More

Share & Subscribe

Tags

Education

Course

Project Management for Executives

Learn the language, philosophy and tools necessary to lead projects from inception through completion.
21 Mar 2017
22 Mar 2017
Learn More