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Course Description

Accurately predicting consumer demand is complicated. Among other variables, demand changes based on season, pricing, shipping costs, and perceived item availability. Unpredictable consumer behaviors introduce error to demand forecasts, which can negatively impact profit. In addition, phenomena such as the bullwhip effect can compound this forecasting error, magnifying it upstream through the supply chain. As a supply chain analyst, your task is to hedge against forecasting error and find the optimal amount of inventory to keep on hand. In this lesson, you will examine the complex challenges businesses face when managing inventory for many different items, or SKUs. You will then find out about strategies such as ABC analysis, which offer a framework for optimizing inventory. Finally, you will practice calculating base stock level and apply your calculations to determine safety stock levels.

Benefits to the Learner

  • Measure demand and supply model parameters for durable/stable products
  • Determine the optimal inventory level for a single location
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Type
self-paced (non-instructor led)
Dates
Sep 28, 2023 to Dec 31, 2030
Total Number of Hours
1.0
Course Fee(s)
Regular Price $0.00
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