Describe the Delphi method for forecasting. (30–100 words)

The Delphi method for forecasting is a structured communication technique, originally developed as a systematic, interactive forecasting method which relies on a panel of experts. The experts answer questionnaires in two or more rounds. After each round, a facilitator provides an anonymous summary of the experts’ forecasts from the previous round as well as the reasons they provided for their judgments. Thus, experts are encouraged to revise their earlier answers in light of the replies of other members of their panel. The process is stopped after a pre-defined stop criterion and the mean or median scores of the final rounds determine the results.