Forecasting and Inventory Management

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.

Short Course

Forecasting and Inventory Management

Overview

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.

Download Program PDF

At University Park

2-day Short Course

Fees$ 2,150

$ 2,550 w/lodging + meals (Discounts Available)

StartMay 14, 2020

EndMay 15, 2020

Register - Starts May 14, 2020 Save my Seat

At Your Location

Contact us about bringing this short course to your location.

Customization of this program or unique custom learning solutions also available!

Contact Us

T: 800-311-6364

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, and a list of fellow participants. Pre-work prepares you to immediately engage in content and learning when you arrive on campus.

        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.

        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.

        Questions? Please call 800-311-6364 or 814-865-3435

        • Pricing
          • $ 2,150 covers tuition, materials, lunch, breaks, and the group dinner only (you are responsible for lodging, travel, "on your own" dinners)
          • $ 2,550 includes above plus meals and lodging at the Nittany Lion Inn or The Penn Stater (you are responsible for travel)
        • 20% Off Course Registration Fees
          • Active Military Personnel
          • Penn State Alumni
          • Teams of three or more attending this program from one company.

        After you register, you will receive an email including information on accessing your personal learning portal where you will obtain your pre-program assignments, travel coordination and support, and a list of program faculty and fellow participants also registered for the program.

        Pre-work prepares you to immediately engage in content and learning when you arrive on campus.

        Penn State University Park campus is located in State College, Pa. and is served by the University Park Airport (SCE).

        For our guests in the meals and lodging plan, we will arrange shuttle service to and from the airport located five miles from campus, and you will be staying at either the Nittany Lion Inn or The Penn Stater. Once you've arrived on campus, all activities will be within a short walking distance. Parking is available and included for those driving.

        Credit Card

        Program fees are due in full upon acceptance into this program. American Express, Visa, MasterCard and Discover are accepted.  A link for secure online payments will be sent with an invoice after enrollment.

        Check or Wire Transfer

        Company or Bank Check Bank Wire Transfers

        Make the check payable to: 

        The Pennsylvania State University
        Federal Tax ID# 246-000-376

        Mail to: 

        Penn State Executive Programs
        484 Business Building
        University Park, PA  16802-3004

        Citizens Bank, Philadelphia, PA
        ABA #036076150
        Swift Code:  CTZIU33
        For credit to:  The Pennsylvania State University

        Account #610001-168-2
        Reference #506-03 865-3435
        (Please inform us of the date that the transaction is conducted)

        Transfers, Refunds, Withdrawals

        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, but the replacement candidate must be accepted for the program through an admissions review.

        • 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.