This data was generated by 7 experts who were asked to forecast the percentage growth in...

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This data was generated by 7 experts who were asked to forecast the percentage growth in GDP over the next 12 months using the Delphi method. At the end of each of 4 rounds, they were asked to justify their forecasts and to provide any additional comments they could think of. Questions: (a) Summarize the results of each round, calculating the mean, median, range, and standard deviation. (b) Calculate the round-by-round changes made by each panelist (round 2 minus round 1, etc.) and summarize the changes using the same measures as in (a). (c) After how many rounds would you have stopped, or would you still continue? Why? GDP Expert Round 1 Round 2 Round 3 Round 4. Alfred 1.8 2.2 2.1 2.1 Betty 2.5 2.5 2.5 2.5 Charles 2.7 3 2.9 3 Doug 2.9 2.9 2.9 2.9 Elaine 3.2 3.3 3.2 3.2 Freda 3.7 3.5 3.6 3.5 George 4.2 3.4 3.4 3.5 This data was generated by 7 experts who were asked to forecast the percentage growth in GDP over the next 12 months using the Delphi method. At the end of each of 4 rounds, they were asked to justify their forecasts and to provide any additional comments they could think of. Questions: (a) Summarize the results of each round, calculating the mean, median, range, and standard deviation. (b) Calculate the round-by-round changes made by each panelist (round 2 minus round 1, etc.) and summarize the changes using the same measures as in (a). (c) After how many rounds would you have stopped, or would you still continue? Why? GDP Expert Round 1 Round 2 Round 3 Round 4. Alfred 1.8 2.2 2.1 2.1 Betty 2.5 2.5 2.5 2.5 Charles 2.7 3 2.9 3 Doug 2.9 2.9 2.9 2.9 Elaine 3.2 3.3 3.2 3.2 Freda 3.7 3.5 3.6 3.5 George 4.2 3.4 3.4 3.5

Answer rating: 100% (QA)

Solution a Summarizing the results of each round Round 1 Mean 257 Median 27 Range 2232 Standard Devi... View the full answer