Inventory Management and Forecasting Techniques (Stand-Alone Course)

Effective inventory management is critical for organizations to maintain a balance between supply and demand, reduce costs, and maximize profitability. This comprehensive course explores the principles, and tools necessary to manage inventory efficiently in diverse industries. Participants will gain an in-depth understanding of inventory control systems, demand forecasting and stock replenishment techniques. The course also addresses modern challenges in inventory management, such as e-commerce demands, global supply chain complexities, and sustainable practices.

*One continuing education unit equals 10 contact hours.

1. Describe the various roles of inventory, including the different types of inventory and inventory drivers
2. Calculate the economic order quantity (EOQ) and reorder point (ROP) for a continuous review system
3. Describe the role of cycle inventory in a supply chain
4. Choose the optimal lot size given fixed ordering costs in a supply chain
5. Identify factors that influence the required level of safety inventory
6. Evaluate the appropriate level of safety inventory for a supply chain
7. Improve the management of safety inventory in a multiechelon supply chain
8. Identify managerial levers that lower safety inventory without hurting product availability
9. Discuss the importance of forecasting and select the most appropriate type of forecasting approach, given different forecasting situations
10. Apply a variety of time series forecasting models, including moving average, exponential smoothing, and linear regression models

Applicants must pass Standardized English Proficiency Test (SEPT)/Online English Placement Test (OEPT) with Live Proctoring and score level ENGGB1A.