Audience

Managers, prospective managers, and any other employees seeking advanced competency in the area of management

Prerequisites

A basic understanding of the operations management function

Course Aim

To introduce the learner to the fundamentals of independent demand management

Learning Objectives

Explain the relationship between demand and forecasting. Explain how to select a forecasting method. Discuss the types and applications of times-series methods. Explain the applications of regression models. Discuss typical forecasting errors and methods of monitoring them. Describe the supply chain and explain how it is most efficiently managed. Explain materials management. Define inventory and discuss related issues. Explain how an economic order quantity (EOQ) works. Explain the continuous review system. Differentiate between the periodic review and hybrid systems.

Topics Covered

Forecasting - Forecasting and demand management Selecting a method Time Series - Patterns of demand - Forecasting time series patterns - Forecasting trends and seasonal patterns - Hands-on: Forecasting seasonal demand Managing Forecasting - Regression models - Forecasting errors and controls - Hands-on: Identifying error measurements Supply Chain Management - Overview of supply chain management - Supplier relations - Inventory management Independent Demand Inventory Systems - Economic order quantity - Continuous review system - Periodic review and hybrid systems - DecisionPath: Managing the supply chain - Hands-on: Practising inventory management

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