Which method is described as a structured process to gather expert opinions for forecasting?

Which method is described as a structured process to gather expert opinions for forecasting?

• A. SWOT analysis
• B. Delphi Technique
• C. Brainstorming
• D. Monte Carlo analysis

Answer: (B)

Forecasting that relies on expert judgment in a structured, iterative format is being tested. The Delphi Technique fits this perfectly: a panel of experts answers questionnaires in several rounds, and after each round, feedback is summarized and shared so participants can revise their views. This anonymous, controlled process helps reduce the influence of dominant voices and guides the group toward a reasoned consensus about future outcomes. It’s specifically designed to harness expert opinion in a systematic way when hard data may be scarce or uncertain. In contrast, SWOT analysis identifies internal strengths and weaknesses plus external opportunities and threats for strategic planning; brainstorming is a free-form session to generate ideas; Monte Carlo analysis uses random sampling to simulate outcomes and quantify risk, rather than structured expert opinion to forecast.

Forecasting that relies on expert judgment in a structured, iterative format is being tested. The Delphi Technique fits this perfectly: a panel of experts answers questionnaires in several rounds, and after each round, feedback is summarized and shared so participants can revise their views. This anonymous, controlled process helps reduce the influence of dominant voices and guides the group toward a reasoned consensus about future outcomes. It’s specifically designed to harness expert opinion in a systematic way when hard data may be scarce or uncertain. In contrast, SWOT analysis identifies internal strengths and weaknesses plus external opportunities and threats for strategic planning; brainstorming is a free-form session to generate ideas; Monte Carlo analysis uses random sampling to simulate outcomes and quantify risk, rather than structured expert opinion to forecast.