Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What is the Delphi method?
What is the Delphi method?
- A quantitative method of forecasting using historical data
- A systematic and qualitative method of forecasting by collecting opinions from a group of experts through several rounds of questions (correct)
- A method of forecasting based on demand volatility
- A method of forecasting based on machine learning algorithms
When is judgemental forecasting used?
When is judgemental forecasting used?
- When demand volatility is high
- When there is a complete lack of historical data (correct)
- When traditional forecasting methods are ineffective
- When a new competitor enters the market
What does machine learning focus on?
What does machine learning focus on?
- The use of data and algorithms to imitate the way that humans learn (correct)
- The collection of expert opinions for forecasting
- Quantitative analysis of historical data
- Demand functions and price optimization
What created prerequisites for wider use of machine learning in predictions?
What created prerequisites for wider use of machine learning in predictions?
Signup and view all the answers
What is Mathematical Thinking in the context of revenue management?
What is Mathematical Thinking in the context of revenue management?
Signup and view all the answers
