Delphi Method

The Delphi Method is a forecasting process framework based on the results of multiple rounds of questionnaires sent to a panel of experts. After each round of questionnaires, the experts are presented with an aggregated summary of the last round, allowing each expert to adjust their answers according to the group response. This process combines the benefits of expert analysis with elements of the Wisdom of Crowds.

Key Points

• The Delphi method is a process used to arrive at a group opinion or decision by surveying a panel of experts.
• Experts respond to several rounds of questionnaires, and the responses are aggregated and shared with the group after each round.
• The experts can adjust their answers each round, based on how they interpret the "group response" provided to them.
• The ultimate result is meant to be a true consensus of what the group thinks.

Sources

• https://www.investopedia.com/terms/d/delphi-method.asp