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Advanced Forecasting and Inventory Management

What Will I Learn?

Forecasting and inventory management are two crucial logistics activities that affect a company's profitability and ability to remain competitive in the long run. Effective management of these processes ensures that the company will have the right product available at the right place and time in the right amount to satisfy the needs of its customers. Ability to forecast demand more accurately and manage inventory more cost effectively to meet the demand allows a company to provide superior customer service than its competitors and grow its revenue. This SHI course introduces the participants to the practice of forecasting and inventory management and provides a broad overview of various tools used in the industry for this exercise. This is an introductory course in forecasting and inventory management that uses case studies and qualitative analysis.

Fee In Different Currencies
RWF 70,000 Or USD 0 Or EURO 0
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Indicative Content

    • Introduction to Forecasting and inventory management

      • Relationship between forecasting and inventory

      • Resource decisions that support the forecasting process

      • How forecasting fits in the sales and operations planning process

      • Forecasting techniques

      • Measuring forecast accuracy

      • Measuring forecast bias

    • Forecasting and costing technics

      • Resource decisions that support the forecasting process

      • How forecasting fits in the sales and operations planning process

      • Problems associated with forecasting

      • Use of historical data to help predict the future

      • Consideration of alternative forecasting techniques

      • Development of time series models

      • Regression analysis as a predictor and an estimator

      • Use of exponential smoothing as a data analysis tool

      • Cost behavior, cost analysis and cost-volume-profit analysis

      • Alternative methods of costing: full absorption costing and marginal costing

      • Process analysis, defining key activities and key cost drivers

      • Activity based costing (ABC) and activity based budgeting (ABB)

    • Overview of inventory management technics

      • Developing an effective inventory management strategy

      • Identifying and establishing optimal inventory levels

      • Inventory planning and replenishment systems: order point, MRP, MRP I recasting and demand management tools

      • Managing, measuring and reporting inventory accurately

      • Distribution Resource Planning and warehouse management

      • Tactics for eliminating excess and obsolete stocks

      • Lead time analysis and reduction techniques

      • Just in Time philosophy and its applications

    • Supply chain volatility and its implication for forecasting and inventory management

      • Demand forecasting and inventory management.

      • Introduction to supply chain volatility index.

      • New mind-set needed in the age of increased volatility to forecast demand and manage inventory.

      • Pool variability to hedge against the risk ensuing from volatility.

      • Optimizing the trade-offs between inventory investment and service level using variability pooling.

      • Managing the trade-off between service level and inventory investment by placing inventory strategically.

      • Embracing volatility in demand forecasting and inventory management.

    • Forecasting application

      • Time series analysis technics

      • Time series modal and forecasting

    • Decision under uncertainty and Supply Chain Risk Management (SCRM)

      • Decision making under uncertainty

      • Cooperation in Supply chains

      • Supply chain risk management

70,000
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Objectives

  • The challenges in forecasting demand for different products, how poor forecasts affect a company's profitability

  • Fundamental approaches for forecasting demand

  • Challenges in managing inventory of different types of products

  • How do forecasting and inventory management relate to and complement each other.

  • Different approaches for managing inventory for different types of businesses.

  • Use alternative costing methods including activity based costing, and activity based budgeting

  • Provide management information on a timelier and useful basis to decision makers

70,000
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Course Features

  • Lectures 0
  • Duration 90 Days
  • Certificate Yes
  • Enroll Now

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