Stock Management, Forecasting and Demand Planning
Introduction
Demand planning and stock control will help Supply Chain Management (SCM) improve the accuracy of forecasts, ensure enough inventory levels at all times and enhance profitability by optimizing expenses. When demand planning and stock control are properly executed, shortages of what is needed and extra stocks will be a story of the past. Demand planners are “behind the scenes” professionals who are entrusted with this task. Their job is not straightforward given the dynamic nature of the scope and its many uncertainties. However, when executed right, the companies involved can capitalize on the many untapped opportunities where SCM can make a difference. In this course, several demand planning theories, models and best practices will be discussed. When properly implemented, they will help participants in dealing with various future scenarios in order to ensure a continuous flow of inventory at the least possible cost.
Course Objectives
By the end of the course, participants will be able to:
- State the objectives of stock management and list their impact on cost and customer service
- Prepare proper classification of stock and use best practices for item specification and cataloging
- Use scientific forecasting techniques to predict demand and better manage lead times
- Differentiate and categorize stock cost elements
- Compute the optimum ordering quantity and determine safety stocks and reorder points