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What Is Crowdsourcing? What Benefits Does Crowdsourcing Provide Companies? Give

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Essay

What is crowdsourcing? What benefits does crowdsourcing provide companies? Give a real-world example of crowdsourcing and how it benefits that company.


Definitions:

Confirmation Bias

A cognitive bias that leads individuals to give more weight to evidence that confirms their existing beliefs and dismiss evidence that contradicts them.

Statistical Measure

A value that represents a characteristic of a set of data, such as mean, median, or mode.

Association Coefficient

A statistical measure used to quantify the strength and direction of a relationship between two variables.

Arbitrage

The practice of buying and selling assets in different markets or in derivative forms to take advantage of differing prices for the same asset.

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