Short Course
Forecasting and Inventory Management
Improve forecasting and inventory performance. Learn to set inventory levels, improve forecast accuracy, identify constraints, and reduce excess inventory.
Current Offerings
Overview
Who Should Attend
This introductory program is for managers and directors who are new to supply chain processes and particularly those new to working in demand management (forecasting and inventory management). Titles of participants have included:
Commodities Specialist
Contracting Officer
Purchasing and Inventory Manager
Operations and Systems Director
Program Benefits
Improve your ability to:
Measure forecast accuracy and identify bias
Forecast demand using historical sales data
Understand inventory costs and financial impacts
Reduce inventory while maintaining service levels
Identify opportunities to improve inventory productivity
Manage inventory across different demand patterns, from stable to seasonal
This course has given me great insight into forecasting methods and has provided me with the foundation to implement a system in my company that will result in more adequate inventory levels and thus affect the profitability of the company."
Asis Morodo
Operations and Systems Director, Global Premium Brands SL
Program Content
Resource decisions that support the forecasting process
How forecasting fits in the sales and operations planning process
Forecasting techniques
Time series and causal models
Ensuring the right time lag and level of aggregation
Incorporating expert judgment and market intelligence
Measuring forecast accuracy
Measuring forecast bias
How forecast accuracy influences inventory levels and service performance
Balancing inventory investment with customer service objectives
Financial impact of inventory
Inventory metrics to support and measure inventory performance
Inventory turns
Days of supply
Return on Assets and Return on Investment
Calculating inventory carrying cost
Using inventory costs to make decisions
How to set levels
Discussion of how to determine best parameters (inputs) for product inventory levels
Assessing software capabilities that support better forecasting and inventory decisions
Using technology to improve visibility, responsiveness, and operational performance
Faculty
Chris Norek, Ph.D.
Senior Partner, Chain Connectors
Chris brings over 20 years of supply chain expertise across consulting, industry, and academia. His experience includes strategy, demand planning, transportation, distribution networks, facility design, SKU and supplier rationalization, technology selection and implementation, and returns management. He was named a DC Velocity “Rain Maker” in 2018.
Professional Certificate
Supply Chain Certificates
This course is one of three programs required for our Supply Chain certificate. Complete the programs in any order and develop expertise in supply chain operations, leadership, and management.
Customize this Program
All programs and delivered to groups of 10 or more. A member of our team will reach out to discuss your goals and explore the right fit for your group. You can also reach us directly at 800-311-6364.
Additional Information
Our Learning Solutions Associate can hold a seat for you in the program. A reservation does not commit you until you submit the online registration form. To reserve your spot, email our office.
A 10% reduced rate on live remote delivery is available to military and government employees, Penn State alumni, individuals pursuing a professional certificate, teams of three or more from the same organization, and CSCR corporate sponsors or affiliated groups.
Yes. This program can count toward a . Complete three qualifying programs at your own pace to earn the certificate. Note: Each program can only count toward one certificate.
After you register, you’ll gain access to your personal learning portal. There, you’ll find pre-program assignments, information about faculty and fellow participants, plus other program resources.
Accepted applicants can transfer to another section if the transfer is arranged more than four weeks before the program begins. Additional transfers are subject to a charge of 10% of the current program fee. A sponsoring company may also identify a replacement candidate, provided the candidate is accepted into the program.
Refunds are based on when written notice of withdrawal is received:
More than six weeks before the program begins: Full refund
Between two and six weeks before the program begins: 50% refund
Two weeks or less before the program begins: No refund
All withdrawals, transfers, and substitutions must be confirmed in writing by the registered participant or their agent. If written notification is not received, the full program fee will be assessed.
Penn State may cancel or postpone a program due to insufficient enrollment or other unforeseen circumstances. If a program is canceled, registration fees will be refunded; however, Penn State is not responsible for other related expenses, including airline or travel agency cancellation or change fees. If a program is postponed, you may receive a refund or transfer your program fee to another session.
If you have questions about transfers or cancellations, please contact us.