Course Details

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.

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

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

Course Outline

5 days course

Day 1

Day 2

Day 3

Day 4

Day 5

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

Data patterns and demand variability

The Bullwhip Effect
Demand Variability and the Methods to Minimize It
Recognition of Data Patterns
What kind of problems to look for in the data and how to treat them

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

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

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

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

Best forecasting practices summary

Forecasting process
Data collection and analysis
Methods and models
Software and systems
Communications & People

Demand Management and Forecasting

Course Info

Course Details

At the end of the Demand Management and Forecasting training course , you'll be able to:

Demand Management and Forecasting Training course, is ideal for :

Course Outline

Keys to successful forecasting process and function

Data patterns and demand variability

Inputs and outputs of demand plan

Forecasting models: Qualitative / Quantitative

Inputs and outputs of demand plan

Forecasting models: Qualitative / Quantitative

Minimizing forecasting error

New product forecasting

Promotions forecast

Worst forecast practices summary and discussion

Best forecasting practices summary

Course Video

Demand Management and Forecasting

Course Info

Course Details

At the end of the Demand Management and Forecasting training course , you'll be able to:

Demand Management and Forecasting Training course, is ideal for :

Course Outline

Keys to successful forecasting process and function

Data patterns and demand variability

Inputs and outputs of demand plan

Forecasting models: Qualitative / Quantitative

Inputs and outputs of demand plan

Forecasting models: Qualitative / Quantitative

Minimizing forecasting error

New product forecasting

Promotions forecast

Worst forecast practices summary and discussion

Best forecasting practices summary

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Course Video