The delphi technique: an exposition and application

The article provides a n overview of the Delphi technique and its related adaptations, as well as practical hints on procedures gained from its use to forecast changes in the market analysis industry. The Lielphi technique has been used many times as a method of forecasting the future ofestab1ish:ed industries, but it has never been used to consider the future of a nascent industry. A case is presented which suggests that companies i n nascent industries have a greater need for long-range planning than those at other stages of a n industry's development, and a greater need for an industry, rather than a company, perspective. Problems such as time pressure on executives and the need for confidentiality are more acute when using judgmental forecasting techniques in new industries. The review of the Delphi process highlights some of the major considerations, s,uch as panel selection, questionnaire construction and administration, response analysis and number of rounds, as well as how Delphi can be modified. Since new industries rarely have established trade organizations to curry out such Delphi studies, the role could be played by institutes of management education.