Explain about delphi method, Managerial Economics

Assignment Help:

Q. Explain about Delphi method?

Delphi method: This is a systematic, interactive forecasting method that depends on a panel of experts. Experts answer questionnaires in two or more rounds. After every round, a facilitator provides an anonymous summary of the experts' forecasts from the previous round and the reasons they provided for their judgments. So experts are encouraged to revise their earlier answers in light of the replies of other members of their panel. It is supposed that during this process the range of the answers will reduce and the group would converge in the direction of 'correct' answer. Lastly, the process is stopped after a pre-defined stop criterion (for example number of rounds, achievement of consensus and stability of results) and mean or median scores of the final rounds determine the results.


Related Discussions:- Explain about delphi method

What are significant tools of perfect competition, What are the significant...

What are the significant tools of the perfect competition and the supply curve? Perfect Competition and the Supply Curve: a. In Perfect competition the characteristics of a

Ramsey pricing, explain in detail ramsey pricing with example?

explain in detail ramsey pricing with example?

Perfectly inelastic (zero elastic) supply, Perfectly Inelastic (Zero Elasti...

Perfectly Inelastic (Zero Elastic) Supply Supply is said to be perfectly inelastic if the quantity supplied is constant at all prices.  The supply curve is a vertical straight

Illustrate internal economies of scale, Q. Illustrate Internal Economies of...

Q. Illustrate Internal Economies of Scale? Internal economies of scale are the benefits of large scale production. They are enjoyed by the firm when it increases its scale of p

What is the equilibrium in the labor market, What is the equilibrium in the...

What is the equilibrium in the labor market? Explain briefly. Equilibrium in the Labor Market a. The market labor of demand curve is the horizontal total of the individual l

Income and substitution effects of price change, Income and Substitution Ef...

Income and Substitution Effects of Price Change When the price of a commodity falls the consumer's equilibrium changes.  The consumer can purchase the same quantity of X and Y

Income elasticity of different consumer goods, Income Elasticity of differe...

Income Elasticity of different consumer goods Commodities Coefficient of income elasticity Impact on expenditure Necessities

Enumerate the scope of managerial economics, Enumerate the Scope of manager...

Enumerate the Scope of managerial economics The scope of managerial economics contains following subjects:  1. The Theory of demand 2. The Theory of production 3. The

Characteristics of money, Characteristics of Money Over time, therefor...

Characteristics of Money Over time, therefore, it became clear that for an item to act as money it must possess the following characteristics. Acceptability If

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd