Inventory Forecasting Tools for Logistics

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

Inventory Forecasting Tools for Logistics

  • 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?

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

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

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 gold in the UK Government’s 2017 Teaching Excellence Framework (TEF) and is University of the Year for Student Experience in The Times & The Sunday Times Good University Guide 2019.