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About the course
Equip yourself to generate more accurate forecasts, set appropriate inventory levels, and monitor and improve forecasting and inventory management over time. Explore the impact of inflated inventory levels, diagnose process constraints, and leverage techniques to improve inventory performance.
Improve your ability to:
- Calculate and use measures of forecast accuracy and bias
- Forecast future sales using past sales data (time series models)
- Explain the importance of inventory management to the firm, with a focus on financial impacts including inventory carrying cost calculation and application
- Understand how inventory can be reduced while maintaining or even raising customer service levels
- Identify opportunities to reduce inventory or make it more productive
- Determine how inventory objectives that differ among products having different demand patterns (e.g. stable, seasonal, short life cycle) can be managed differently
This program awards 1.5 CEUs. Penn State Continuing Education Units (CEUs) are available based on a standard of one unit per ten hours of classroom instruction. Upon completion of this program, each participant will be awarded a certificate for 1.5 Penn State CEUs earned.
Purpose and Importance of Forecasting and Inventory Management
- Understanding the resource decisions supported by the forecasting process
- How the forecasting process fits in the sales and operations planning process of the business
- Forecasting techniques
- Time series and causal models
- Ensuring the right time lag and level of aggregation
- Incorporating expert judgment and market intelligence
Measuring and Improving Forecast Performance
- Measuring forecast accuracy
- Measuring forecast bias
Relationship Between Forecasting and Inventory
Importance of Inventory Management
- Financial impact of inventory
- Inventory metrics to support and measure inventory performance
- Inventory turns
- Days of supply
- Return on Assets and Return on Investment
- Calculating inventory carrying cost
- Using inventory costs to make decisions
Determining Inventory Levels to Ensure In-Stock Levels While Minimizing Obsolescence
- How to set levels
- Discussion of how to determine best parameters (inputs) for product inventory levels
Evaluating Software Used to Enable Forecasting and Inventory Management
Value For You and Your Organization
Inventory management may be the most important supply chain “lever” that effects corporate profitability. With this course, you will strengthen your understanding of forecasting and inventory management concepts and acquire contextual knowledge of how to use these concepts to improve resource allocation, financial performance, and inventory reduction.
Who should attend
This introductory program is for managers and directors who are new to supply chain processes and particularly those new to working in demand management (forecasting and inventory management). Titles of participants have included:
- Commodities Specialist
- Contracting Officer
- Purchasing and Inventory Manager
- Operations and Systems Director
Trust the experts
Senior Partner, Chain Connectors, Inc. Dr. Christopher D. Norek is Senior Partner and founding member of Chain Connectors, Inc., a supply chain consulting and software implementation firm. He has over 20 years of supply chain experience with a unique combination of consulting, industry and acade...
Senior Planner, Janssen Supply Chain Johnson & Johnson Mike Kosensky is a proven Supply Chain Professional whose career spans over 30 years with Johnson & Johnson. He has experience across large segments of the Supply Chain including MPS and MRP Planning, External Manufacturing Managemen...
Global Head, Trial & Supply Management Johnson & Johnson, Janssen Clinical Supply Chain Jennifer Reilly has over 20 years of experience in supply chain roles. Her current responsibilities include the management of all clinical supplies during trial execution across multiple therapeutic a...