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Inventory Forecasting Tools for Logistics

Explore and use quantitative demand forecasting tools and apply qualitative and judgemental methods used to manage inventory.

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  • Duration

    2 weeks

  • Weekly study

    13 hours
Overview
Requirements
Educators

Explore qualitative and quantitative methods to forecast inventory levels

During this course, you’ll have the chance to explore fundamental demand forecasting tools used to manage inventory and experiment with key quantitative demand forecasting tools, utilising averages.

You’ll also apply and compare different reordering methods used to forecast demand and model forecasts, employing qualitative and judgemental methods.

What topics will you cover?

Week 1

  • Explore fundamental demand forecasting tools used to manage inventory, including standard deviation and the normal distribution curve
  • Apply quantitative methods, including simple, weighted and moving averages
  • Compare different reordering methods, including fixed, continuous and economic, and order quantity using the stock time curve

Week 2

  • Qualitative/judgemental forecasts using personal insight, panel consensus, market surveys, historic analogy and the Delphi method
  • Justify which forecasting method is appropriate in a given situation

Learning on this course

On every step of the course you can meet other learners, share your ideas and join in with active discussions in the comments.

What will you achieve?

By the end of the course, you‘ll be able to...

  • Explore fundamental demand forecasting tools used to manage inventory
  • Experiment with key quantitative demand forecasting tools, utilising averages
  • Apply and compare different reordering methods used to forecast demand
  • Model forecasts using qualitative and judgemental methods

Who is the course for?

This course is for business professionals aiming to improve their logistics, supply chain or distribution skills, particularly in the costing and pricing of logistics services.

Please note that the staff described in the ‘Who will you learn with?’ section below may be subject to change.

Who will you learn with?

Nick Wright

Nick Wright is a Senior Fellow of the HEA and a Fellow of the CILT with over 30 years' experience in global logistics senior management roles in Europe and the USA.

Who developed the course?

Coventry University

Coventry secured 5 QS Stars for Teaching and Online Learning in the QS World University Ranking 2020 and has received No. 1 in the world for Massive Open Online Courses in MoocLab’s World University Ranking 2021.

  • Established

    1992

  • Location

    Coventry

Learning on FutureLearn

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Join a global classroom

  • Experience the power of social learning, and get inspired by an international network of learners
  • Share ideas with your peers and course educators on every step of the course
  • Join the conversation by reading, @ing, liking, bookmarking, and replying to comments from others

Map your progress

  • As you work through the course, use notifications and the Progress page to guide your learning
  • Whenever you’re ready, mark each step as complete, you’re in control

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