Delphi method is used for: A. Judgemental forecast B. Time series forecast C. Associative model D. Demand forecast
Question
Delphi method is used for:
- A. Judgemental forecast
- B. Time series forecast
- C. Associative model
- D. Demand forecast
Solution
The Delphi method is primarily used for judgmental forecasting. Here’s a brief explanation of the options:
-
Judgmental Forecast: The Delphi method involves gathering opinions and insights from a panel of experts through multiple rounds of questions, making it fundamentally a judgmental approach to forecasting.
-
Time Series Forecast: This forecasting method utilizes historical data to predict future trends, which is not the primary approach of the Delphi method.
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Associative Model: Associative models involve statistical relationships between variables, which is not the method used in the Delphi technique.
-
Demand Forecast: While the Delphi method can be applied to demand forecasting, it is not exclusively for this purpose and is better described by judgmental forecasting.
Final Answer
A. Judgemental forecast
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