Relying on group wisdom

It is often believed that when decisions are taken based on extensive deliberations in a wide group of people, more often than not, these turn out to be better than decisions taken individually. 'Wisdom of crowds' is the phrase that would aptly summarize this understanding.

A recently published research evaluated this understanding and came to a conclusion that 'wisdom of crowds' is applicable with a couple of strong caveats. First - the inputs to the decision need to be generated independently by the group participants without first understanding what others in the group are saying and two - the constitution of the group needs to be sufficiently diverse.

In my opinion, a reading about this research on the link below is a must for every person in the 'management' cadre.

http://www.bbc.com/future/story/20160113-are-your-opinions-really-your-own