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

Short run production function, Explain the short-run production function wi...

Explain the short-run production function with one variable input with the help of assumed figures. Clearly indicate the three stages of physical product, using table and graphs.

Give brief description about economics, Economics is generally defined as t...

Economics is generally defined as the problem of how best to allocate limited resources, limited because needs are characterized as unlimited, but common sense tells us that rather

Cost, classification of costs

classification of costs

Structure, structure of managerial economics

structure of managerial economics

Direct taxes, DIRECT TAXES A direct tax is one where the impact and ...

DIRECT TAXES A direct tax is one where the impact and incidence of the Tax is on the same person e.g. Income Tax, death or estate duty, corporation taxes and capital gains

Explain the short run cost function, In the short-run the firm can't modify...

In the short-run the firm can't modify or change overhead factors like equipment, plant and scale of its organisation. In the short-run output can be decreased or increased by chan

Demand management policies for unemployment, Demand management policies ...

Demand management policies These policies are intended to increase aggregate demand and, therefore the equilibrium level of national income.  They are sometimes called fiscal a

Economic theory, How does economic theory contribute to managerial decision...

How does economic theory contribute to managerial decisions

Importance of income elasticity, Importance of Income Elasticity If a ...

Importance of Income Elasticity If a country is experiencing economic growth, the income of the people will increase.  However, for those engaged in the production of goods wi

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