The Delphi Group Technique Is a Group Decision-Making Technique in Which

question 101

Multiple Choice

The Delphi group technique is a group decision-making technique in which:

• A) the members are involved in extensive discussions with each other.
• B) the opinions of group member are combined and averaged.
• C) the daily operational problems of an organization are addressed.
• D) the members are most likely to indulge in groupthink.
• E) the members are most likely to be first-line employees belonging to the same department.

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Definitions:

Periodic Inventory System

An inventory accounting system where updates to inventory accounts occur at specific intervals, typically at the end of an accounting period.

LIFO

An inventory valuation method where the last items added to inventory are considered the first ones sold during a period of time; stands for Last-In, First-Out.

FIFO

An accounting method for inventory valuation where the first items acquired are the first ones sold, standing for First In, First Out.

Inventory Turnover

A ratio showing how many times a company's inventory is sold and replaced over a specific period, indicating the efficiency in managing stock levels.