Which of the following is a systematic interactive forecasting method that relies on a panel of experts ?
Delphi technique
The Delphi technique, developed at the RAND Corporation, is a structured forecasting method in which a panel of experts answers questionnaires anonymously in several rounds.
After each round a facilitator circulates a summary of the forecasts and reasons, and the experts revise their views, so the group converges towards a consensus through controlled feedback.
A pay-off matrix tabulates outcomes of alternative decisions under different states of nature, game theory analyses strategic choices of competing players, and queuing theory deals with waiting lines; none of these is an expert-panel forecasting process.
Hence the systematic, interactive, expert-panel forecasting method is the Delphi technique.
Hence, the answer is Delphi technique.
Similar Questions
Match the following :
(Book) (Author) (a) Functions of the Executive (i) Charles Babbage (b) On the Economy of Machinery and Manufactures (ii) Henri Fayol (c) The Effective Executive (iii) Chester Barnard (d) General and Industrial Administration (iv) Peter Drucker Codes :
(a) (b) (c) (d)
Match the items of List - I with List - II :
List - I List - II (a) Credit Mobilier (i) Charles Babbage (b) Charleton Twist Company (ii) Henry Fayol (c) Difference Engine (iii) Claud Henri Saint Simon (d) Commentry Four Chambault (iv) Robert Owen Codes :
(a) (b) (c) (d)
Assertion - (A) : No business runs itself, even on momentum . . . . . every business needs repeated stimulus.
Reasoning - (R) : The management is the dynamic, life giving element in every business, without its leadership, the resources of production remain as resources and never become production.
Statement - (I) : Management is the art of knowing what you want to do and then seeing that it is done in the best and the cheapest way.
Statement - (II) :Management is the process of planning and regulating the activities of an enterprise.
Match the items of List-I with List-II :
List-I List-II (a) “He who can manage, can manage anything”. (i) Henry Fayol (b) “Due to these experiments, a factory does not remain a factory, it is converted into a laboratory”. (ii) William B. Cornell (c) “Management succeeds or fails as human relations in business are intelligently or unintelligently handled”. (iii) F.W. Taylor (d) “A place for everything, and everything in its place”. (iv) Lawrance A. Appley Codes :
(a) (b) (c) (d)
Match the items of List-I with List-II :
List-I List-II (a) Management of Tomorrow (i) Chris Argyris (b) Motivation and Personality (ii) Fredrick Hergberg (c) The Motivation of Work (iii) L.F. Urwick (d) Personality and Organisation (iv) A.H. Maslow Codes :
(a) (b) (c) (d)
Areas of establishing objectives under MBO are :
(i) Market Standing
(ii) Innovation
(iii) Industrial Relations
(iv) Public Accountability
(v) Productivity
(vi) Industrial Policy
Codes :
Assertion (A) : Management is mainly associated with economic affairs.
Reasoning (R) : Big business houses are the result of effective financial management.
Codes :
The classical organisation theory treats organisation as a/an :
Who among the following is not related to the planning function given by Taylor ?
Important Questions from Principles and functions of management
- What was he referring to when Mooney said ‘conferring of specified authority by a higher authority’ ?
- Which one of the following is not a stage in decision-making process given by Herbert Simon ?
Arrange in correct sequence the steps for preparing a time schedule.
(i) List all items to be included, grouping under flexible and inflexible
(ii) Determine time sequence
(iii) Write out plan
(iv) Set down as accurate an estimate of time for each test as is obtainable
(v) Bring total estimated time needed and total available time into harmony
(vi) Merge individual plans with others for co-ordination
Choose the correct answer from the code given below:
Match the items of List - I with those of List - II; and choose the correct code of combination :<
List - I List - II (a) A committee consist of a group of people specifically designated to perform some administrative work (i) C.I. Barnard (b) Staff service in organisation means tde service or advice or council, as distinguished from tde function of autdority or command (ii) W.H. Newman (c) Organisation is informal when tde aggregate interpersonal relationships are witdout conscious joint purpose (iii) McFarland (d) An identifiable group of people contributing tdeir efforts towards tde attainment of goals is called organisation (iv) James D. Mooney Match the items of List - I with List - II; and choose the correct code of combination :
List - I List - II (a) The Fundamentals of Top Management (i) Peter F. Drucker (b) Middle Management (ii) R.C. Davis (c) The Essence of Management (iii) E.L.F. Brech (d) Principles and Practice of Management (iv) Mary Caushing Nile
