Define: Brainstorming, Brainwriting, and the Delphi Technique

question 34

Essay

Define: brainstorming, brainwriting, and the Delphi technique. In what ways do these techniques help managers?

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Definitions:

Equity

Fairness or justice in the way people are treated, or in financial terms, the value of an ownership interest in property, including shareholders' equity in a business.

Efficiency

The optimal allocation of resources to maximize the production of goods and services.

Total Surplus

The total net gain to society from creating and using goods and services, shown by adding together consumer and producer surplus.

Total Surplus

The sum of consumer and producer surplus, representing the total net benefit to society from the production and consumption of a good or service.