The Delphi Method of Forecasting Is Useful When

question 134

Multiple Choice

The Delphi method of forecasting is useful when:

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

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Definitions:

Societal Culture

Pertains to the shared values, norms, customs, and practices among people within a society or country.

Income

The financial gain or revenue received by an individual or organization, typically in the form of wages, salaries, or business earnings.

Norms

Socially accepted standards of behavior within a group or society.

Attitudes

A settled way of thinking or feeling about someone or something, typically reflected in a person's behavior.