Match the forecasting method with its description.

Panel consensus forecasting

Delphi method

Build$-$up forecasting

Life cycle analogy method

Answer

Experts work individually to develop forecasts. The individual forecasts are shared among the group, and then each participant is allowed to modify their forecast based on information from the other experts. This process is repeated until consensus is reached.

Attempts to identify the time frames and demand levels for the introduction, growth, maturity, and decline stages of a new product or service.

Individuals familiar with specific market segments estimate the demand within these segments. These individual forecasts are then added up to get an overall forecast.

Brings experts together to discuss and develop a forecast.