One Reason for Using the Delphi Method in Forecasting Is

question 77

Multiple Choice

One reason for using the Delphi method in forecasting is to:

• A) avoid premature consensus (bandwagon effect).
• B) achieve a high degree of accuracy.
• C) maintain accountability and responsibility.
• D) be able to replicate results.
• E) prevent hurt feelings.

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Definitions:

Competitive

Relates to a market situation where multiple sellers are trying to appeal to the same customers, often leading to innovation and better prices.

Labor Market

An economic marketplace that matches potential employers with employees based on their skills, job requirements, and wage expectations.

Wage

The amount of money that is paid to an employee by an employer, typically in exchange for the employee's labor, calculated on an hourly, daily, or piecework basis.

Value of Marginal Product

The additional revenue generated by employing one more unit of a factor of production, holding all other factors constant.