5 Questions
What is the Delphi method?
A systematic and qualitative method of forecasting by collecting opinions from a group of experts through several rounds of questions
When is judgmental forecasting used?
When there is a complete lack of historical data
What does machine learning focus on?
The use of data and algorithms to imitate the way that humans learn
What has created prerequisites for wider use of machine learning in predictions?
Increased computer power and increased demand volatility
What is Optimization in the context of revenue management?
Next evolution of the revenue management function involving mathematical thinking
Test your knowledge of judgemental forecasting and the Delphi method with this quiz. Learn about using qualitative methods to make forecasts when historical data is not available or when facing new market conditions.
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