Three forecasting types include judgemental, relational, and time series. Which type is characterized by expert opinions?

• A. Judgemental
• B. Relational
• C. Time Series
• D. Delphi Technique

Answer: (A)

Expert opinions drive judgemental forecasting. When data alone doesn’t capture everything—like unseen market shifts, new regulations, or sudden changes in a field—forecasters rely on the knowledge, experience, and intuition of specialists to form predictions. That’s the essence of judgemental forecasting: judgments from experts guide the forecast rather than relying solely on historical numbers. Time series forecasts, by contrast, depend on patterns in past data, while relational (causal) models link outcomes to drivers through mathematical relationships. The Delphi Technique is a structured method to gather and refine expert judgments, but it’s a procedure used within judgemental forecasting, not a separate type. So expert opinions define the judgemental approach.