A qualitative forecasting method that obtains forecasts through "group consensus" is known as the ______.
A) autoregressive model
B) Delphi approach
C) mean absolute deviation
D) None of the answers is correct.

Question

Quizplus · Accepted Answer

The Delphi approach is a well-known qualitative forecasting method that involves a group of experts reaching a consensus on future events or trends. The process typically involves multiple rounds of surveys or questionnaires, with experts sharing their opinions and feedback being incorporated in subsequent rounds. The idea is to leverage the collective wisdom and expertise of the group to arrive at a more accurate forecast. Autoregressive models and mean absolute deviation are quantitative forecasting methods and do not involve group consensus.

A Qualitative Forecasting Method That Obtains Forecasts Through "Group Consensus