What does the Delphi method involve?

The Delphi method is a systematic and interactive forecasting approach that relies on a panel of experts. This method involves gathering expert opinions through a series of questionnaires interspersed with summarized information and feedback of opinions from prior rounds. The goal is to achieve a convergence of opinion on a specific topic, which can be particularly useful in scenarios where direct evidence may not be available or where predictions are necessary.

By facilitating an anonymous exchange of ideas, the Delphi method minimizes the potential for influence from more dominant individuals in the group, allowing for a more balanced representation of expert insights. This structured technique is particularly effective in complex decision-making processes, where expert judgment is essential for making informed decisions. It is often used in areas such as policy-making, product development, and various fields of research.

The other options, while relevant to project management and analysis in different contexts, do not specifically describe the essence of the Delphi method. The comparison of costs and benefits pertains to cost-benefit analysis, visualization of relationships between variables relates to graphical analysis, and stakeholder engagement focuses on participatory project management strategies. Each of these areas serves different purposes and employs different methodologies than the Delphi method, which is uniquely centered on expert opinion gathering.