The correct answer is: C. Both A and B
The Delphi method is a structured communication technique used to obtain the most reliable consensus of a group of experts. It is a form of group communication that relies on a facilitator to collect and synthesize the opinions of experts. The Delphi method is used for both judgmental forecasting and time series forecasting.
Judgmental forecasting is a forecasting method that relies on the judgment of experts to make predictions about the future. Time series forecasting is a forecasting method that uses historical data to make predictions about the future.
The Delphi method is a valuable tool for both judgmental forecasting and time series forecasting. It can help to improve the accuracy of forecasts by providing a structured process for collecting and synthesizing expert opinions. It can also help to reduce bias in forecasts by providing a way to anonymously collect and evaluate expert opinions.
Here is a brief explanation of each option:
- A. Judgemental forecast: Judgmental forecasting is a forecasting method that relies on the judgment of experts to make predictions about the future. Experts are asked to provide their opinions on the likelihood of future events or the value of future variables. These opinions are then collected and synthesized to produce a forecast.
- B. Time series forecast: Time series forecasting is a forecasting method that uses historical data to make predictions about the future. Time series data is typically collected over a period of time and then used to identify patterns that can be used to predict future values.
- C. Both A and B: The Delphi method can be used for both judgmental forecasting and time series forecasting. It can help to improve the accuracy of forecasts by providing a structured process for collecting and synthesizing expert opinions. It can also help to reduce bias in forecasts by providing a way to anonymously collect and evaluate expert opinions.