What Is Collective Intelligence

question 3

Multiple Choice

What is collective intelligence?

• A) Refers to the wisdom of the crowd.
• B) Sources capital for a project by raising many small amounts from a large number of individuals, typically via the Internet.
• C) Collaborates and taps into the core knowledge of all employees, partners, and customers.
• D) Involves capturing, classifying, evaluating, retrieving, and sharing information assets in a way that provides context for effective decisions and actions.

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Definitions:

Product Specifications

Detailed descriptions of the technical and physical characteristics of a product, including materials, dimensions, quality, and performance standards.

Standard Price

A predetermined cost that companies use for budgeting and assessing performance, often used in cost accounting.

Direct Materials

Raw materials that can be directly traced to the production of goods, considered a variable cost.

Production Department

A division within a company responsible for the actual production of the goods or services the company sells, involving processes like manufacturing, assembly, or processing.