4.43(7)

Demand Forecasting Principles

  • Duration 2h 3m 5s
  • Total Enrolled 7
  • Last Update January 22, 2022

About Course

Introduction to Demand Management & Forecasting processes. Methods & Measurements

Description

What Is Demand Forecasting? And Why It Is Important For Your Business

Demand forecasting, also known as sales forecasting, refers to the process of making estimates about future customer demand over a certain time period. It uses historical data along with other information.

When demand forecasting is correctly implemented, businesses have valuable information about their potential in the current market as well as other markets so managers can make informed decisions about business growth strategies, pricing, and Market potential.

Failing to use demand forecasting puts businesses at risk for making poor decisions about their target markets and products. These ill-informed decisions can have far-reaching effects on customer satisfaction, supply chain management, inventory holding cost, and ultimately profitability.

Reasons Why Demand Forecasting Matters

There are many reasons why demand forecasting is an important process for companies:

  • With sales forecasting, businesses have information to assist with planning, goal setting, and budgeting. With a good understanding of what your future sales may look like, it’s possible to build and informs procurement strategy to ensure your supply matches customer demand, at the specific product level.
  • Organizations can more effectively optimize their inventory levels, increase inventory turnover rate, and reduce holding costs.
  • With sales forecasting, businesses are also able to identify and rectify any issues in the sales pipeline ahead of time to keep business performance study throughout the entire period. In terms of inventory management, most e-commerce business owners know that too little or too much inventory can be detrimental to operations.
  • Demand forecasting provides insight into your upcoming cash flow so businesses can more accurately budget payments for suppliers and other operational costs, while still investing in the growth of the business.
  • Anticipating demand means knowing when to increased staff and allocate other resources to ensure operations run smoothly during peak activity periods.

What Will I Learn?

  • Get a introductory knowledge
  • Useful for all professionals

Topics for this course

9 Lessons2h 3m 5s

Session 1 Forecasting Introduction

Intro00:15:31

Session 2 What can be Forecast?

Session 3 Plan & Goals

Session 4 Qualitative forecasting

Session 5 Delphi & other methods

Session 6 Quantitative Forecasting

Session 7 Forecasting Models

Session 8 Casual models

Session 9 Winters & ARIMA Intro

About the instructor

I am a Supply Chain / Logistics / Sourcing Professional. Trainer and consultant. Worked in large MNCs in Supply Chain, Logistics for nearly 3 decades and have in-depth practical knowledge in each of the sub-domains Currently engaged in consultation, training and certification programs of world's leading Supply Chain Institutes. Also have our own job oriented programs. Sub domains includes Materials, Logistics, Supply Chain Analytics, Purchasing/Sourcing, Warehousing, Transportation, Inventory Optimization etc Saved in Millions for organisations, in Inventory optimizations and improved all related processes Improved customer fill rates and reduced cost of operations Solved work-place issues / problems in their occupation of Supply Chain professionals Specialties: Supply Chain Management, Logistics, Sourcing, Material Planning, Forecasting, Production scheduling, Warehouse management, Picking and line feeding, Logistics, Imports, exports, EOU, Lean, Operational Excellence, Productivity Improvement, employee & contractor management, Legal compliance ASCM, APICS, ISM
4.32 (139 ratings)

24 Courses

151 students

Student Feedback

4.4

Total 7 Ratings

5
1 rating
4
4 ratings
3
0 rating
2
0 rating
1
0 rating

It's my pleasure that, with the guidance of such a great course instructor Professor Raman sir.

This is a good course. This course is quite easy to understand and each topic is provided briefly not too many details.

Very clearly presented aims and objectives. Very good presentation of data to work with.

Enjoyed very much, really clear presentation

It was a good learning session ,i like it

A good course for a brief knowledge. You can get good knowledge from here!

It was a really good program for beginners like me.

1,999.00

Material Includes

  • Videos

Requirements

  • Basic English and Mathematics

Target Audience

  • All Graduates, Freshers and Juniors
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