Which forecasting approach is best suited for combining different expert opinions?

• A. Sales force composite
• B. Delphi method
• C. Market survey
• D. Time-series analysis

Answer: (B)

The Delphi method is well-suited for combining different expert opinions because it is specifically designed to harness the insights and knowledge of a group of experts in a systematic way. This forecasting approach involves several rounds of surveys or questionnaires sent to a panel of experts. After each round, the responses are aggregated, and participants have the opportunity to reconsider their earlier opinions based on the collective feedback. This iterative process helps to achieve a convergence of opinions, allowing for a more nuanced and comprehensive forecast that takes into account various viewpoints and expertise.

In contrast, while the sales force composite method gathers opinions from the sales team to project future sales, it is limited to that particular group's perspective. A market survey collects data from consumers but does not focus primarily on expert opinion integration. Time-series analysis relies on historical data patterns without incorporating subjective expert insights. The effectiveness of the Delphi method comes from its structured approach to tapping into diverse expert knowledge, making it the best choice for this situation.