Duration 2 weeks
Weekly study 13 hours
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?
- 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
- 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
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.