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.
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
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)
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
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.
Time series analysis technics
Time series modal and forecasting
Decision making under uncertainty
Cooperation in Supply chains
Supply chain risk management
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
Find subjects you're passionate about by browsing our online course categories. Start
learning with top courses Built With Industry Experts.