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Demand Forecasting for Inventory Planning

Learn how to get the right product at the right time with these demand forecasting best practices.

Many demand forecasters and planners who want to optimize inventory levels, often find themselves overstock or understock. They are repeating cycles where they have spent too much cash on the wrong products, or not enough on the right products and are missing sales. This can lead to loss of customers, firefighting urgent demand problems, costly expediting of product, and decreased profits. This topic helps the persons responsible for having the right product at the right time for their customers, operate with best-in-class demand forecasting practices to optimize inventory levels. The material also explains methods for evaluating poor performing SKUs, utilizing critical soft skills in collaboration, analyzing product trends, and strategically planning inventory levels.

Runtime: 93 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Demanding Profitability

  • Top Performers, Volume and Margin
  • Low Performers, Find the Decision Maker
  • Dead SKUs, the Cost of Keeping Dead/Old Stock

Forecasting Growth - If You Don't Build It, Sales Won't Come

  • Collaboration Across Departments
  • History, Friend and Foe
  • Seasonality
  • New Product Launches
  • Risks and Opportunities

Breaking the "Sold out" Cycle

  • Missed Sales With Stockouts
  • Banking on "Pent up" Demand
  • Communication With Decision Makers

Strategic Inventory Modeling

  • Lead Time of Finished Goods
  • Supply Lead Time
  • Days of Inventory
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on April 2, 2019.

Call 1-866-352-9540 for further credit information.

  • CPIM/CFPIM/CSCP 1.0
     
  • This program may qualify for 1.0 certification maintenance points toward the CSCP, CPIM and CLTD designations through The Association for Operations Management.
     
  • ISM 1.5
     
  • Participants who successfully complete this program will receive 1.5 hours of continuing education. They may be applied toward ISM CPSM, CPSD or C.P.M. recertification. ISM's consent to approve hours for this educational event is not an endorsement of this program or its content by ISM.
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Layne Booth

Layne Booth

The Project Booth

  • Owner and operations catalyst of The Project Booth
  • Practice emphasizes all aspects of operations, supply chain management, manufacturing, inventory and forecasting
  • Conducts regular workshops on back end systems and strategies
  • Six Sigma Green Belt, Project Management Professional
  • B.S. degree, textile and industrial engineering
  • Can be contacted at [email protected] or www.theprojectbooth.com
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 405272
Published 2019
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