Forecasting and Inventory Management: Introduction
- What is demand forecasting and inventory management?
- How do these practices affect company’s profitability?
Forecasting Techniques: Overview
- Different approaches for forecasting demand.
- Detecting demand patterns to forecast future demand
- Forecasting demand for new versus stable (old) products
- Forecasting as a combination of art and science
- Forecasting demand when demand is rare
- (Maintenance and Repair, Medical devices, Specialized medicines)
Overview of Inventory Management Techniques
- Different approaches for managing inventory
- Inventory management practices used in the industry
- Managing inventory for continuous demand (Retail, Manufacturing, Consumables)
- Managing inventory of perishable products (Groceries, Restaurants, Fashion clothing, Consumer electronics, Travel services)
- Managing inventory for projects (Construction)
Current State and Future Advances
- Collaborative forecasting and inventory management between buyer and supplier
- Software used for forecasting and inventory management
- Role of humans in computer-aided forecasting and inventory management
- Use of machine learning and artificial intelligence
Supply chain volatility and its implications for forecasting and inventory management
- Introduction to supply chain volatility index
- New mindset needed in the age of increased volatility to forecast demand and manage inventory
Variability pooling techniques
- How to pool variability to hedge against the risk ensuing from volatility?
- Optimizing the tradeoffs between inventory investment and service level using variability pooling by:
- Redesigning the product
- Redesigning the supply chain
- Redesigning the production process
Strategic inventory placement
- Where is the best location in the supply chain to place inventory?
- Managing the tradeoff between service level and inventory investment by placing inventory strategically
Embracing volatility in demand forecasting and inventory management
- Introduction to monte carlo simulation
- Introduction to real options
- Drawbacks of Discounted Cash Flow analysis on making supply chain decisions