The Delphi Method of Forecasting Is Useful When

question 127

Multiple Choice

The Delphi method of forecasting is useful when

• A) historical data is available and the best basis for making projections is to use past demand patterns.
• B) a systematic approach to creating and testing hypotheses is needed and the data are usually gathered by sending a questionnaire to consumers.
• C) judgment and opinion are the only bases for making informed projections.
• D) historical data are available and the relationship between the factor to be forecast and other external or internal factors can be identified.

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Definitions:

Industrial Policy

A strategic effort by a government to encourage the development and growth of specific sectors or industries within the economy.

Economic Development

The process by which a nation improves the economic, political, and social well-being of its people, typically seen through increases in income, education, and health.

World Bank

A worldwide financial agency offering loans and grants aimed at funding capital improvements in less affluent nations through governmental channels.

International Monetary Fund

An international organization created to promote global economic stability and growth through financial cooperation and assistance.