System, method, and computer program product for predicting the value of an idea based on crowd input

A non-transitory, computer-readable medium comprising a computer program, that, when executed by a computer system, enables the computer system to perform the following method for predicting the value of an idea entered into an idea-management platform, the method comprising:

• (a) creating a probability distribution for values for each of:
• (i) a cost to implement an idea, (ii) a time to implement the idea, and (iii) a revenue/savings associated with the idea, wherein each probability distribution initially has a mean value and shape parameter that are predetermined;
• (b) polling a plurality of users as to cost, time, and revenue/saving values for the idea, wherein polling a user comprises displaying a proposed value for a cost, time, or revenue/savings variable for the idea and enabling the user to vote whether the user's estimate for the variable is greater than or less than the proposed value, and wherein the proposed values for the variables displayed to users are derived from the respective probability distributions for the variables;
• (c) in response to receiving a vote for a value of one of the variables, creating a new probability distribution for the variable, including calculating a new mean and a new shape parameter for the probability distribution based on votes received for the variable, wherein calculating a new mean comprises calculating a consensus value for the variable that reflects vote(s) received for the variable and using the consensus value as the new mean and displaying a revised proposed value based on the new probability distribution;
• (d) repeating steps (b) and (c) for each of the variables until a polling-termination event occurs, wherein, in repeating step (b) for a variable, the value displayed for the variable is derived from the new probability distribution created in the previous step (c) for the variable;
• and
• (e) in response to the occurrence of a polling-termination event occurring, calculating a ranking for the idea based on the last-calculated consensus values for the cost, time, and revenue/saving variables;
• and
• (f) displaying a ranked list of ideas in a user interface based on calculated rankings for the ideas, including displaying the last-calculated consensus values for the cost, time, and revenue/saving variables for each of the ideas.

A system for predicting the value of an idea entered into an idea-management platform, the system comprising:

• one or more processors;
• one or more memory units coupled to the one or more processors, wherein the one or more memory units store instructions that, when executed by the one or more processors, cause the system to perform the operations of:
• (a) creating a probability distribution for values for each of:
• (i) a cost to implement an idea, (ii) a time to implement the idea, and (iii) a revenue/savings associated with the idea, wherein each probability distribution initially has a mean value and shape parameter that are predetermined;
• (b) polling a plurality of users as to cost, time, and revenue/saving values for the idea, wherein polling a user comprises displaying a proposed value for a cost, time, or revenue/savings variable for the idea and enabling the user to vote whether the user's estimate for the variable is greater than or less than the proposed value, and wherein the proposed values for the variables displayed to users are derived from the respective probability distributions for the variables;
• (c) in response to receiving a vote for a value of one of the variables, creating a new probability distribution for the variable, including calculating a new mean and a new shape parameter for the probability distribution based on votes received for the variable, wherein calculating a new mean comprises calculating a consensus value for the variable that reflects vote(s) received for the variable and using the consensus value as the new mean and displaying a revised proposed value based on the new probability distribution;
• (d) repeating steps (b) and (c) for each of the variables until a polling-termination event occurs, wherein, in repeating step (b) for a variable, the value displayed for the variable is derived from the new probability distribution created in the previous step (c) for the variable;
• and
• (e) in response to the occurrence of a polling-termination event occurring, calculating a ranking for the idea based on the last-calculated consensus values for the cost, time, and revenue/saving variables;
• and
• (f) displaying a ranked list of ideas in a user interface based on calculated rankings for the ideas, including displaying the last-calculated consensus values for the cost, time, and revenue/saving variables for each of the ideas.