Delphi Technique

The Delphi Technique is an organized way to talk to a group of experts about a certain subject and find out what they think. Several rounds of asking and comments, often secretly, are used to try to reach a decision. The method is named after the Oracle of Delphi, a place in ancient Greece where people went to get help and predictions. The Delphi Technique is used a lot today in business, healthcare, and technology, among other areas, to predict trends, make decisions, and come up with new ideas.

Example

Imagine a company is creating a new product and would like to predict how high the demand from consumers could be. The business encompasses a team of experts which is made up of marketers, economists, and industry researchers. In the first round of the Delphi Technique, each expert is supposed to provide an opinion about what size the market for the new product might be. Such data gathered does not include anyone's name. Following all the responses, the business provides a group with the outcomes in the second round together with experts' remarks and explanations. After the review of the initial answers, the panelists engage in their minds again and then submit their updated forecasts in the coming rounds. This procedure will then go through a circular motion until all the experts agree how much demand there will be for the new product. From the end result they obtain useful data for strategy planning, as well as decision making.