Jonathan works as a manager in the marketing department of a pharmaceutical firm. The time has come to develop sales forecasts for the next year. This year the company wants to increase the reliability of the sales forecast. Jonathan was asked to participate in this process because of his extensive market knowledge. He joins a group of other experts in the area. Individuals in Jonathan's group all submit their own forecasts. These forecasts are then averaged, and the results are given back to the group so they can refine them. The intent is to reach a consensus by working separately on these forecasts. What type of forecasting technique is this?
A) Regression analysis
B) Random factor analysis
C) Delphi technique
D) Executive judgment
E) Time series analysis

Question

Quizplus · Accepted Answer

This is the Delphi technique, which involves a group of experts working together anonymously to reach a consensus on a forecast. The forecasts are refined based on the results of the averaging process, and the experts iterate until a consensus is reached.

Jonathan Works as a Manager in the Marketing Department of a Pharmaceutical