Course description
Demand management and Forecasting is one most important aspect of any organization where demand for its services or products are determined. Planning for demand is also required internally so that there is a product available on time without an excess of inventory.
Demand planners are more challenged with increased uncertainties of market demand. To achieve accurate demand planning and forecasting, demand planners are required to combine the forecasting science with effective judgment on both internal and external factors. This is not an easy task.
The management of demand is a function of how an organization controls its capacity whether it is in terms of its resources, inventory, or human resource. Demand Management is essential in order that the organization is cost-effective, cost-focused, and to be lean in its operation.
Demand Management and Forecasting training Course covers the fundamentals of demand management and planning, including roles/responsibilities and accountabilities, definitions, process flows, levels, timing and horizons, technologies, and mechanics.
Upcoming start dates
Upcoming start dates
Suitability - Who should attend?
Demand Management and Forecasting Training course, is ideal for :
- Those involved in planning the use, movement or purchase of materials, work in progress or finished goods
- Inventory managers, inventory planners, expeditors
- Warehousing and distribution personnel who respond to demand, inventory and replenishment decisions made by others
- Key staff from other functions seeking to gain and appreciation of the role and processes of the demand planning and inventory management functions
Outcome / Qualification etc.
At the end of the Demand Management and Forecasting training course , you'll be able to:
- Develop a forecast and manage demand
- Manage forecast performance
- Develop and refine methods and processes to link forecasting to the growth of revenue
- Master the skill to “sell” demand planning to your organization through higher inventory turns and higher customer service
- Leverage on the value of internal and external collaboration that leads to more accurate forecasts
- Enhance your knowledge of statistical concepts that are fully applicable to all forecasting software packages and systems
- Develop their understanding of good practice demand planning and inventory management
- Learn and practice skills which can be used to evaluate effectiveness of their own organisation’s approaches to these crucial areas
- Enhance knowledge which will help explain the value-adding role of the function to key stakeholders
- Develop an Action Plan towards improved demand planning and inventory management
- Be better able to share good practice with others
- Track forecast error
- Utilize the various tools available for ensuring accurate forecasting
- Understand and use customer relationship management (CRM) tools and strategies
Training Course Content
Day 1
Keys to successful forecasting process and function
- Problems and Needs
- Goals and Objectives
- Coordination and Leadership
- Process Management
- Forecast Model Development
- Communication with Participants and Users
- Four Forecasting Process Approaches
- Independent
- Concentrated
- Consensus
- One Number
- Myths About Forecasting
- Silo Forecasting Impact on Organization
Day 2
Inputs and outputs of demand plan
- Profit Potential
- Risk Management Input
- Operations Planning
Forecasting models: Qualitative / Quantitative
- How much data to use for different statistical models
- Subjective assessment models overview
Day 3
Time series models
- Inherent assumptions
- When time series work and when they don’t
- Time series elements: Level, Trend, Seasonality, Cyclicality, Noise
Cause and effect models
- Regression models
- When to use regression models
- Steps in development
- Key assumptions
Day 4
Minimizing forecasting error
- Forecast error metrics
- Uses of forecast error measures
- Sources of error
- Error analysis, communication and remediation
- Exception driven forecasting process
- Relationship between MAPE / Bias, Customer Service and Inventory KPIs
New product forecasting
- New product success and error rates
- New product success and failure factors
- Issues to consider when developing new product forecasts
- Qualitative and Quantitative methods used in new product forecasting
Day 5
Promotions forecast
- Promotions forecast error rates
- Manage the process for unplanned and abnormal demand
- Factors, issues, and considerations in developing romotions forecasts
- Cannibalization impact of promotions on base / open stock SKUs
Worst forecast practices summary and discussion
- Worst practices in the mechanics of forecasting
- Worst practices in forecasting process
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