The Delphi Method Used for Forecasting

question 34

Multiple Choice

The Delphi method used for forecasting:

• A) obtains forecasts through a comparative analysis with a previous situation.
• B) uses measures that are believed to influence the behavior of a variable that the researcher wishes to forecast.
• C) uses a single measure that weights multiple indicators and provides a measure of overall expectation.
• D) uses a panel of experts, whose identities are typically kept confidential from one another, to respond to a sequence of questionnaires.

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Definitions:

Opportunity Costs

The cost associated with an alternative that is foregone when a particular decision or action is taken.

Manufacturers

Manufacturers are entities engaged in the industrial production of goods from raw materials through the use of machinery and labor.

Market

A place or mechanism where buyers and sellers converge to trade goods, services, or resources.

Production Possibility Frontier

A curve representing the maximum combinations of goods or services that can be produced with limited resources.