Delphi in the Classroom: A Demonstration of Forecasting Economic Activity

Abstract

A key aspect of the typical business game played in Business Administration courses is the economic forecast which provides the basis for making strategic marketing, production, and financial decisions. One game which has been widely used in such cases is The Executive Game developed by Henshaw and Jackson. In an attempt to enhance the effectiveness of instruction with The Executive Game, a demonstration was conducted with selected student teams who used the Delphi technique to develop economic forecasts. Other teams used traditional trend extrapolation methods to forecast economic activity.