Certificate In Inventory Management, Demand Planning & Forecasting

Course details

The role of inventory in supply chain management puts an organisation in the position of trying to strike a balance between fulfilling the demands of customers, which is often difficult to forecast with precision or accuracy, and maintaining adequate supply of materials and goods.

The impact of overstocking is considerable as inventory has an average holding cost of 30% of the purchase value. Such costs consist of internal costs (delays, labour time wastage, lost production, etc.) and external costs (loss of profit from lost sales, and loss of future profit due to loss of goodwill). However, 'stock outs' have economic consequences of not being able to meet an internal or external demand from the current inventory.

Inventory management is a key supply chain tool that when correctly forecast contributes to competitive advantage and sustainable business.

This course is designed to enable delegates to undertake a proactive approach to improving forecasting and avoiding errors. On completion of this course, delegates will be able to appraise a variety of tools and techniques to:

• Forecast with greater accuracy
• Recommend ways of planning and managing inventory to gain improvements in efficiency leading to more effective business processes