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The Delphi method is a structured communication technique (or process) developed to be systematic and interactive with an iterative component that relies on a panel of experts. The experts are preselected based on predefined criteria; each answers questionnaires or completes pairwise comparisons of an HDM model in two or more rounds. After each round, a facilitator provides an anonymized summary of the experts’ judgments in a result table. Results from the previous round are provided as well, as are the reasons for the judgments [2].

Experts are encouraged to revise their earlier answers after considering the replies of the other members in the panel. The objective during this process is to decrease and converge towards the “most reasonable” answer or judgement. Finally, the process is stopped after a predefined stop criterion, e.g., number of rounds, achievement of consensus, or stability of results (i.e., reduced inconsistency level).

The Delphi method is based on the principle that decisions from a structured group of individuals are more accurate than those from unstructured groups. The technique can also be adapted for use in face-to-face meetings; it is called the mini-Delphi. The Delphi method has been widely used for business forecasting, which is commonly used among fund managers and stock picking analysts and has certain advantages over another structured forecasting approach.

There are four key characteristics to implement a successful Delphi technique:

(1)Anonymity of the participants;

(2)Structuring of information flow;

(3)Regular feedback;

(4)Role of the facilitator.