Question

Which of the following forecasting methods is very dependent on selection of the right individuals who will judgmentally be used to actually generate the forecast?

a. Time series analysis
b. Simple moving average
c. Weighted moving average
d. Delphi method Linear regression

Answer 1

Answer: The answer is option D. Delphi Method Linear regression

Step-by-step explanation: The Delphi method is a forecasting process framework used to estimate the likelihood and outcome of future events by group of expert with relevant Knowledge. The group of experts exchange views, and each independently gives estimates and assumptions to a facilitator who reviews the data and issues a summary report.

The steps involved in delphi method are;

1. Choose facilitator
2. Identifying experts
3. Problem definition
4. Round one questions
5. Round two questions
6. Round three questions
7. Findings and conclusion

Note:

• You may choose tom have more than three rounds of questions to reach a more accurate consensus
• This technique is an iterative process, which tends to get broad range of opinions from the group of experts who will aid generation of forecast