Describe the Estimation Technique Called the Delphi Technique

question 82

Essay

Describe the estimation technique called the Delphi Technique.What are the strengths and weaknesses of this approach?

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Definitions:

Residual

The difference between an observed value and the estimated value in a regression analysis.

Multicollinearity

A situation in regression analysis in which predictor variables are highly correlated, making it difficult to isolate the individual effects of the predictors.

Correlation Matrix

A table showing the correlation coefficients between several variables, which can indicate the strength and direction of the relationship between pairs of variables.

Multicollinearity

A situation in regression analysis where two or more predictor variables are highly correlated, potentially undermining the statistical validity of the analysis.