The Delphi technique is an example of which type of forecasting model?

The Delphi technique is indeed best classified as a subjective model. This method relies on the opinions and insights of a panel of experts to generate forecasts. The subjective nature of the Delphi technique is emphasized by its reliance on individual judgments rather than strictly quantitative data, allowing it to capture insights that might not be available from statistical methods.

In the Delphi process, experts answer questionnaires in multiple rounds, with the goal of reaching a consensus on a forecasted outcome. This iterative approach encourages reflection and reassessment of opinions, which can lead to a more nuanced understanding of complex issues.

While other forecasting methods, such as moving averages and exponential smoothing, focus predominantly on historical data and mathematical calculations, the Delphi technique emphasizes the value of expert opinion and qualitative data. This makes it particularly useful in areas where data may be limited or when dealing with new developments where historical data is not applicable.