Which estimation method combines expert judgment with historical data to reach a consensus on forecasts?

The Delphi Estimation method is a widely recognized approach that effectively combines the insights of experts with historical data to arrive at a consensus on forecasts. In this method, a panel of experts is consulted multiple times, with each round allowing experts to reassess their opinions based on the feedback from their peers and the aggregation of data. This iterative process helps to refine estimates, reduces bias, and leverages the diverse knowledge of the group, ultimately leading to more accurate and reliable forecasts.

By involving multiple experts and systematically collecting their judgments, the Delphi Estimation method aims to eliminate the influence of dominating voices and create a balanced view that incorporates both expert intuition and empirical data, providing a comprehensive perspective for decision-making in forecasting.