One of the key business processes in an efficient organization is forecasting customer demand. With today’s volatile markets, short product life cycles and Personal Preference, organizations must forecast precisely in order to plan resources accordingly.
Producing too much causes wasted resources, while under producing leads to poor delivery levels, and lost sales. Forecasts are critical since they are used throughout the organization. This course describes the role of forecasting in an organization. It will describe the various forecasting techniques and how to implement them in an organization.
At the end of the course, participants will know:
- What is forecasting and what are its components
- What impacts forecasting
- How to select the appropriate forecasting techniques
- How to conduct forecasts
Which IT systems and software can be used for forecasting
In order to reach the objectives, the following topics will be covered:
- Defining forecasting and its strategic importance
- Forecasting approaches: qualitative and quantitative methods
- Time series forecasting techniques
- Associative forecasting methods: regression and correlation analysis
- Monitoring and controlling forecasts
- Forecasting software
All levels of management
2 full days, or 15 facing hrs (May adopted to needs)
These will be adapted to the audience. Sources can come from:
- Operations and Supply Chain Management literature
- Research articles, business articles
Participants will be given electronic PPT files and an exercise booklet.
Other Relevant Information
Participants should have foundations in management, either through a bachelor’s degree or a few years of management experience.
Marc Poulin, MBA, PhD
The trainer has over 15 years business consultancy experience in North America and the UAE. He has over ten years experience in academia in Canada and the UAE. His area of expertise is Operations and Supply Chain Management, with a specialization in Mass Customization.