Forecasting and Inventory Management
Forecasting and Inventory Management
Overview
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
Program Benefits
- 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, 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
Program Content
- Purpose and Importance of Forecasting and Inventory Management
- Resource decisions that support the forecasting process
- How forecasting fits in the sales and operations planning process
- 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
- Relationship Between Forecasting and Inventory
- 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
This course has given me great insight into forecasting methods and has provided me with the foundation to implement a system in my company that will result in more adequate inventory levels and thus affect the profitability of the company.Asis Morodo Operations and Systems Director, Global Premium Brands SL
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.
The Executive Programs Short Course Experience
All of our transformational learning experiences provide the right environment for you to quickly develop and apply new capabilities.
Pre-work
You'll have access to a personal learning portal where you will obtain pre-program assignments, travel support (if applicable), and a list of fellow participants. Pre-work prepares you to immediately engage in content and learning allowing for a more effective application of knowledge.
Practical Content
Our learning experiences pair practical action learning and coaching with new knowledge, tools, and perspectives. We'll explore current, real-world examples of how organizations around the globe address critical challenges and how it may relate to yours.
Led by Experts
Plug into our network of thought leaders. Our award-winning teachers, researchers, consultants, and practitioners understand today's leaders and the critical challenges they face. They will work with you to offer guidance before, during, and after each program.
Peer Networking
You'll learn as much from your peer cohort as you do from the instructors! The value of different perspectives coming from different organizations and their challenges are immeasurable.
Faculty
Expert executive faculty who have led significant change within the private and public sectors will provide models and frameworks to help you transform vision into an action plan for results.
Customize This Program
All programs can be tailored to your organization and team, and be delivered to groups of 10 or more. Contact us about custom program possibilities. Customize Request Info 800-311-6364
Additional Details
Our Learning Solutions Associate will be happy to hold a seat for you in this program. A reservation does not commit you to the program until you submit the registration form online. To reserve your spot, click the ‘Save my Seat’ button next the program’s offering, listed above.
Discount Rates
- 10%: Live Remote delivery
Eligibility
Tuition discounts are available for:
- DoD or government employees
- Penn State alumni
- Individuals who commit to earning a Professional Certificate
- Teams of three or more attending from the same organization
- CSCR Corporate Sponsors and other affiliated groups (with valid discount code)
After registration, you will receive access to your personal learning portal. There you can find the following information:
- Pre-program assignments, which prepare you for the program before the start date
- A list of program faculty and fellow registered participants
- Travel coordination and support, if applicable
Transfers
If an accepted Penn State Executive Programs applicant finds it necessary to transfer to another session of the same program, one transfer will be allowed with no charge if arranged more than six (6) weeks prior. Additional transfers, transfers to a different program, or transfers arranged less than six (6) weeks prior incur a charge of 10% of the current program fee.
The sponsoring company may identify a replacement candidate, but the replacement candidate must be accepted for the program through an admissions review.
Refunds
The following refunds will apply for withdraws if Penn State Executive Programs is notified in writing within the time period stated:
- Full refund with notification received more than six (6) weeks prior to start of the program
- 50% refund with notification received between two (2) and six (6) weeks before the start of the program.
- No refund with notification received two (2) weeks or less prior to the start of program.
Note: The registered participant or their agent must confirm all notification of withdrawals, transfers and substitutions in writing. If written notification is not received, the full program fee will be assessed.
Cancellations
The University may cancel or postpone any course or activity because of insufficient enrollment or other unforeseen circumstances. If a program is canceled or postponed, the University will refund registration fees but cannot be held responsible for any other related charges, or expenses, including cancellation/change charges by airlines or travel agencies. In the case of postponement, as an alternative to a refund, program fees may be transferred to another session of that program.
If you have any questions or concerns about our cancellation policy, please contact us to discuss further.