Forecasting and Inventory Management

What you will learn:

• Understand the supply chain planning matrix
• Understand the models for forecasting demand and sales
• Describe the relationship between forecasting and Inventory control
• Understand the basics of Inventory control
• Calculating stock levels using different types of inventory models

Course outline:

• • Supply Chain & Supply Chain Management
  • Supply Chain Operations Reference (SCOR) model: An Overview
  • Integrating of Supply chain Planning Matrix and SCOR Model
  • Overview of the Inventory Control and Forecasting
    • Relationship between Inventory and Forecasting
  • Demand and Sales patterns overtime
  • Forecast Methods for fast demand
    • Exponential Smoothing Methods
    • ARIMA Methods
    • Auto selection criteria for best method
  • Forecast Methods for intermittent demand
    • Croston’s method
    • Syntetos and Boylan approximation(SBA)
    • Auto selection criteria for best method
  • Measures of Accuracy
  • Software: M.S. Excel, R Studio & R-Language
  • What is Inventory and Inventory Management?
  • Types of Inventory
  • Inventory Systems
  • Inventory costs (i.e., holding, ordering etc.) and their tradeoffs
  • ABC Analysis
  • Inventory Models for deterministic demand
    • Economic Order Quantity (EOQ) Model
    • EOQ Model with Quantity Discounts
    • EOQ Model with Production Rate
    • and its extensions etc.
  • Inventory Models for probabilistic demand
    • Inventory control systems
      • (s, Q) System
      • (s, S) System
      • (R, S) System
      • (R, s, S) System
    • Safety stocks
  • Dynamic Inventory Models