Harrah's New Twist on Prediction Markets
In a pilot, casino staff will forecast customer spending, which could help boost revenueand may prompt Harrah's to form more diverse teams
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Almost 15 years ago, Lew Platt, the former chief executive of Hewlett-Packard (HPQ), observed that, "if only HP knew what HP knows, we would be three times more productive." This quote became a mantra for the knowledge management movement. Companies invested large sums of money to codify knowledge and connect people.
Unfortunately, many of these initiatives foundered. There were at least two problems. The most valuable knowledge is difficult, if not impossible, to codify. And tools for connecting people run afoul of widespread incentive structures and cultures that strengthen walls rather than foster networks.