This course will provide participants with practical techniques to generate more accuracy in stock forecasting and Demand levels as well as to monitor and improve stock forecasting and Demand management performance over time. We will discuss what sources of information can be used to improve forecast and Demand management performance. In addition, we will investigate the critical financial impacts that overinflated inventory levels may cause.
*Purpose and Importance of Forecasting and Inventory Management
- Understanding the resource decisions supported by the forecasting process
- Relationship between Forecasting and Inventory
- Measuring forecast bias
- How the forecasting process fits in the sales and operations planning process of the business
- Forecasting techniques
- Time series and causal models
- Improving Forecast Performance
- Ensuring the right time lag and level of aggregation
- Incorporating expert judgment and market intelligence
- Measuring forecast accuracy
FOR WHOM: Stores, Purchasing and Logistics Personnel in the Public and Private Sectors.
The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.
1ST BATCH 2ND BATCH
26th – 29th March, 2018 4th – 7th September, 2018