What is the Delphi costing method characterized by?

The Delphi costing method is characterized by reaching a consensus through independent expert input. This approach is iterative and relies on a panel of experts who provide their insights and estimates regarding costs confidentially. The process typically involves multiple rounds of questioning, where experts can revise their opinions based on feedback and insights from other panelists. This not only allows for a more comprehensive view of potential costs but also helps to minimize bias since the experts do not influence each other in real-time discussions.

The essence of the Delphi method lies in its ability to harness collective intelligence and achieve a well-rounded estimate that considers various perspectives. This makes it particularly valuable in complex projects where uncertainty is high and expert judgment is crucial. The independence of expert input helps ensure that all viewpoints are adequately considered, contributing to the robustness of the final cost estimates.