In the Delphi Method of Judgmental Forecasting, _____

question 34

Multiple Choice

In the Delphi method of judgmental forecasting, _____.

• A) predictions are based on the assumption that the future will be an extrapolation of the past
• B) predictions are based on one or more independent variables, all of which are numerical
• C) people from outside an organization are not eligible to make predictions
• D) experts are not consulted as a group to make predictions

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Definitions:

Manufacturer

An entity engaged in the conversion of raw materials or components into finished goods for sale.

Total Product Curve

A graphical representation showing how the total quantity of output of a good or service varies with the amount of a variable input used in production.

Variable Input

Variable Input refers to any input in the production process that varies with the level of output, such as labor, raw materials, and energy, in contrast to fixed inputs which remain constant regardless of the level of production.

Fixed Inputs

Resources or factors of production that cannot be easily increased or decreased in the short term, such as buildings or machinery.