Crowdsourcing

Powerful Essays
Topics: Outsourcing, Finance
Crowdsourcing

Feasibility Analysis Report

Project Members:
      Ravi Kumar Shah (2009-EE-233) MD Zaid (2009-EE-231) Usman Jillani (2009-EE-214) Ghazanfar Ghafoor (2009-EE-192) Muhammad Waqas Bashir (2009-EE-174) Loai A.H. Abulebda (2009-EE-232)

Advisor:
 Mrs. Amna

Short Overview:
Crowdsourcing is the process of getting work or funding, usually online, from a crowd of people. The word is a combination of the words 'crowd' and 'outsourcing'. The idea is to take work and outsource it to a crowd of workers. It is the practice of obtaining needed services, ideas, or content by soliciting contributions from a large group of people and especially from the online community rather than from traditional employees or suppliers. What that means is that to provide funds to entrepreneurs who have a limited budget - to offer a service that meets the business of the crowd. The principle of Crowdsourcing is that more heads are better than one. By canvassing a large crowd of people for ideas, skills, or participation, the quality of content and idea generation will be superior. It is actually the act of taking a task traditionally performed by an employee or contractor, and outsourcing it to an undefined, generally large group of people. Few Examples:  Wikipedia. Instead of Wikipedia creating an encyclopedia on their own, hiring writers and editors, they gave a crowd the ability to create the information on their own. The result? The most comprehensive encyclopedia this world has ever seen. If you’re looking for a logo design, you can tell a crowd of designers what you want, how much you will pay, and your deadline. All interested designers will create a finished design specifically for you. You’ll receive 50-300+ different finished logo designs, and you can keep whichever design you like the best. By doing design this way, Crowdsourcing actually increases the quality & decreases the price, compared to online freelancing. If you want to raise $10,000 to pay for studio

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