My notes on 1st video of LOTTO Club:
David, it's okay with me to re-publish on forum for others to use and learn from.
The Power of Collective Intelligence
Aggregate collective knowledge is powerful with ask and answered individually questions regarding probabilities.
Cognitive Diversity: thinking about problems from different angles or ways.
There is access to more information than was available to any one person.
Collective intelligence is powerful method to answer questions vital to success. Surprisingly, even people that are lower on the scale of knowledge can add great value to the group.
Wise crowds: comprised of INDEPENDENT thinkers that rely on their own judgements and not looking at what others are thinking and copy it.
Crowds are the wisest when people in them are acting as much as individuals as possible.
Navy Submarine, named Scorpion had disappeared in vast ocean and nobody knew how to find it.
An Eccentric John Craven wanted to try to find the sub by using collective intelligence. The Navy allowed him to pursue his method, since they really had no other options of finding sub.
Craven assembled a relatively large, diverse team which included mathematicians, salvagers, submariners, and navy personnel to explore factors in what they should be considering in the sudden disappearance of Scorpion sub.
He ask the group where should we be looking for this lost sub? He ask what are the factors involved in finding the lost sub. He ask each person in group to bet individually on how likely each factor was to find the whereabouts of the sub. They bet on speed of sub, angle of decent and other factors.
He took all the bets and ran it through a mathematical formula. When finished, he had a map of the ocean floor. With the bets of the group and the mathematical calculations, it put the location of the sub within 220 yards of where the sub was found by a Navy ship. It was not a spot the Navy had been looking. It was also not a spot where any one individual had said it would be.
The team had come up with a brilliant collective judgement. The team as a whole knew exactly where the sub was found. This was a powerful example of "The Power of Collective Intelligence" by a group of people in solving an otherwise insurmountable problem.