It is a popular technique to help in making risk-uncertainly decision i.e. when long range forecasting on predications have to be made. This technique was developed by N.C. Balkey. It has named after the oracle at Delphi is ancient Greece.
This technique may have variations but is generally works as follows:
(i) A panel of experts is gathered on a particular problem from inside and outside the organization. These panel members do not have face-to-face interaction with each-other.
(ii) A carefully structured questionnaire is given to each panel member and each expert is asked to make prediction without revealing name.
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(iii) With each subsequent sound of questionnaire, feedback of opinion from previous questionnaire is provided to each member.
(iv) Based on the feedback new norms or estimates arc set-up and the process is repeated several times.
(v) In the last round the questionnaires each member is asked to vote on the issues and the suggestions of individual votes determine the group s choice.