Casualty Actuarial Society (CAS) Practice Exam

What is a unique aspect of the Delphi technique?

1. Experts meet face-to-face to discuss risks

2. It has a predetermined number of rounds of inquiries

3. Responses are shared openly among all participants

4. It focuses solely on financial risks

The correct answer is: It has a predetermined number of rounds of inquiries

The unique aspect of the Delphi technique is that it typically involves a structured process with a predetermined number of rounds of inquiries. This methodology is designed to gather input from a panel of experts over several iterations, allowing participants to refine their opinions through multiple rounds of questioning. After each round, a summary of the responses is shared anonymously with the group, which encourages participants to reconsider their views in light of the collective input without the influence of direct confrontation or face-to-face discussion. In contrast, the other options describe aspects that do not align with the principles of the Delphi technique. In particular, face-to-face meetings among experts do not occur within this method, as it generally relies on written responses to promote anonymity and reduce bias. Additionally, responses in the Delphi technique are not discussed openly among participants but are synthesized and anonymized after each round, allowing for a focus on the collective rather than individual opinions. Finally, the Delphi technique is not limited to financial risks; it can be applied to a broad range of topics and domains, making it versatile in risk assessment and decision-making processes.