Asked by Nicholas Paradas on Jun 11, 2024
Verified
Groups of people tend to outperform individuals on estimation problems.
Estimation Problems
Challenges that arise when attempting to approximate or predict a value, quantity, or outcome with incomplete information.
- Identify the benefits of collective decision-making compared to solo decision-making.
Verified Answer
JD
justin diderJun 16, 2024
Final Answer :
True
Explanation :
Studies and research have shown that groups of people tend to outperform individuals on estimation problems, as the group members can combine their knowledge and expertise to come up with a more accurate estimate. This phenomenon is known as the "wisdom of crowds."
Learning Objectives
- Identify the benefits of collective decision-making compared to solo decision-making.
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