Forecasting Techniques & Inventory Management

s it right for me?

Forecasting is a decision-making tool used by a business to help in budgeting, planning, and estimating future growth, whilst managing inventory is a critical business activity. You will gain an insight into how this can result in a positive impact both on customer satisfaction and on your bottom line. This course will provide you with the baseline knowledge and techniques to better manage your forecasting and inventory and it is suitable for the procurement professional or anyone from the wider supporting functions wishing to increase their knowledge

By the end of the course you will be able to: 

• Explain the rationale for forecasting and some of the limitations
• Demonstrate knowledge of a variety of forecasting techniques
• Apply forecasting techniques to the business environment
• Understand the basics of stock management and how it impacts on the business and customer service
• Be able to understand and implement different types of replenishment system
• Better understand the material requirements planning process

What key points will the training cover?

• Forecasting approaches and techniques
• Forecasting process
• The role and fundementals of inventory
• Replenishment methods, systems and variations
• Management of inventory
• The review cycle