Which estimating technique focuses on consensus when gathering time and cost estimates?

The Delphi technique is widely recognized for its focus on consensus-building when it comes to gathering time and cost estimates in project management. It involves a panel of experts who provide estimates anonymously and iteratively. This approach allows experts to review the estimates, provide feedback, and refine their opinions over several rounds until a consensus is reached. The anonymity of the responses encourages honest feedback and reduces the influence of dominant individuals, leading to a more balanced and well-rounded perspective on the estimates.

In contrast, the other options use different methods for estimating. Monte Carlo simulation relies on statistical modeling to forecast risks and uncertainties and does not necessarily seek consensus among experts. Parametric estimating uses historical data and specific parameters to derive estimates, which can be more objective but does not involve collaborative consensus-building. Three-point estimating looks at optimistic, pessimistic, and most likely scenarios to reach an average estimate, but it does not emphasize gaining agreement among multiple experts in the same way the Delphi technique does.