Forecasting Techniques for Inventory Control
Forecasting is a necessary pre-requisite to most operations activities in manufacturing and services. It is necessary to estimate the future demand of our product or services.
Without an estimate of the future, it is not possible to plan for the level of activity to be expected, the amount of stocks required, and the manpower and other resources needed to achieve the organization’s goals.
The forecast indicates the resources that need to be designed, planned, acquired and controlled to deliver the product or service we have promised.
Inventory control, while it may seem like an art, is the science-based activity of controlling the amount of inventory you already have in your warehouse. To control the amount of inventory, it is clearly necessary to accurately forecast the level of future demand.
This workshop will teach you the tools and techniques to understand the demand for your product or service, create a forecast and plan and control the inventory levels that your organization needs to operate profitably.
Objectives of the Seminar
This workshop will teach you the tools and techniques to do the following:
- Understand the demand for your product or service
- Create an annual, monthly and weekly forecast and
- Plan and Control your inventory levels effectively
Key Topics Covered
- The Importance of Forecasting
- The Elements of a Good Forecast
- Understanding your Demand Pattern
- Independent and Dependent Demand
- Demand Forecasting (Why you cannot forecast sales)
- Qualitative Methods for Creating the Sales or Production Target
- Delphi Technique
- Jury of Executive Opinion
- Sales Force Composite
- Time Series Forecasting Techniques
- Linear Regression
- Forecasting with Seasonal Adjustments
- Creating a Annual, Quarterly, and Monthly Forecast
- Smoothing Techniques
- Naïve Forecasting
- Moving Average
- Analyzing Data for Trends
- Exponential Smoothing
- Seasonal Decomposition
- Multiplicative Decomposition
- Additive Decomposition
- Introduction to ARIMA type forecasts
- The Forecast Sheet in MS Excel 2016
- ETS AAA in MS Excel 2016
- Choosing the Best Forecast through Forecast Error Analysis
- The Bull Whip Effect
- Collaborative Planning Forecasting and Replenishment (CPFR)
- Worked Examples
Who should attend this Seminar?
- Staff who need monitor forecasts and inventory levels
- Team Leaders
- Managers and Supervisors
Bring a Laptop
We strongly recommended you bring your own LAPTOP to be able to participate fully in the activities. You may also bring sample data to analyze. Many of the exercises are in MS Excel Format. Participants may share laptops if they wish. We recommend a maximum of 2 participants per laptop to share for optimum learning. Your computer should have a spreadsheet software installed such as MS Excel or its equivalent.
Forecasting Seminar Methodology
This forecasting seminar uses a combination of lectures, visual presentations, workshops, and group discussions. The presenter will share with the participants forecasting templates he has prepared with built-in formulae to speed up the understanding of the concepts.
The first part of the seminar will focus on the mechanics of the creating a forecast. The second part will focus on the nuances and interpretation of the data.
Upcoming Business Process Improvement Seminars9 Aug 2018, Thursday, Focused Improvement: The 7 Quality Control Tools,
28 Aug 2018, Tuesday, Statistical Process Control (SPC) Training - 2 Days,
30 Aug 2018, Thursday, Focused Improvement: The 7 Quality Control Tools,
27 Sep 2018, Thursday, Forecasting Techniques for Inventory Control,
28 Sep 2018, Friday, Basic Forecasting Training,
17 Oct 2018, Wednesday, Basic Forecasting Training,
Register for one of the Seminars Above
Register for the Seminar
RMP Consultancy Seminars are available in the following formats:
- Public Seminar at our training center in Quezon City Philippines
- In-House (at your site) Workshop Format for a Max of 25 pax (Recommended)
- Special Exclusive Run
- One-on-one Coaching
Please Call Francis or Danny:
Landlines: Tel (632) 697-0767, Tel (632) 579-0233
Mobile (Globe) 0917-882-5578, Mobile (Smart) 0920-918-7358
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