Program Information

Duration:

4 days

Fees:

RM 2,800

Mode:

Online

Course Date:

25 Nov 2020

Program Overview

Forecasting and inventory management are two crucial logistics activities that affect a company’s profitability and ability to remain competitive in the long run. Effective management of these processes ensures that the company will have the right product available at the right place and time in the right amount to satisfy the needs of its customers.
The course will consist of readings prior to the classes, lectures, case study discussions, and small team exercises to apply concepts learned in the course. If desired, small but relevant projects can be undertaken immediately after the course to further embed the learnings in the participants and their organizations.

Is this course for you?

This course is designed to have a broad appeal across professionals. It is aimed to provide an understanding of how forecasting and inventory management in business performed effectively in organizations can benefit. This program is best suited for individuals with some understanding of the business as well as issues related to demand uncertainty, product availability, etc.

Program Content Highlights

  • Learn fundamentals of forecasting and techniques to forecast future demand.
  • Learn best location to place inventory and conveying insights to decision makers for managing the tradeoff.
  • Learn fundamentals of inventory management, different techniques for managing inventory of perishable and non-perishable goods to improve customer service and lower total cost.
  • Learn how to pool variability to hedge against the risk ensuing from volatility.

IPTS Certified Code: DU027(B)

All programmes conducted by MISI are eligble for HRDF claims, subject to prior application to HRDF by the employers/companies

Curriculum

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

Faculty & Industry Experts

Dr. Shardul Phadnis
Dr. Shardul Phadnis

Associate Professor, Director of Research

Dr. Javad Feizabadi
Dr. Javad Feizabadi

Associate Professor, Director of PhD Program and Winter Academy, Director of Mobility Center of Excellence (MCE)

Get More Information

OnlineClassroom

Forecasting and Inventory Management Courses for 2020

25 Nov 2020
SCSC: Forecasting and Inventory Management
Online
4 Days (23 - 26 Nov 2020)
Register Now

Malaysia Institute for Supply Chain Innovation
No. 2A, Persiaran Tebar Layar,
Seksyen U8, Bukit Jelutong, Shah Alam,
40150 Selangor, Malaysia.

Stay up to date on the latest news from MISI

Connect with Us

Copyright © Malaysia Institute for Supply Chain Innovation 2020