Eric 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. Eric 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 Eric'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

The technique being used in this scenario is the Delphi technique, which involves collecting independent forecasts from experts, averaging them, and then having the experts refine the forecasts until a consensus is reached.

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