Optimising Demand Management and Forecasting

Training Overview:

Mastering Demand Management and Forecasting is essential for organizations aiming to meet market demand while maintaining optimal inventory levels. Effective planning ensures that products are available when needed without incurring excess inventory costs.

Demand planners face increasing challenges as market uncertainties rise. To succeed, they must blend scientific forecasting methods with expert judgment, taking into account both internal factors and external market conditions. This delicate balance is essential but often difficult to achieve.

Managing demand involves controlling organizational capacity in terms of resources, inventory, and workforce. Effective demand management ensures an organization is lean, cost-efficient, and well-positioned for operational success.

Training Objectives:

Participants will:

• Understand the fundamentals of project management, including project lifecycle phases and key project management processes.
• Learn how to develop comprehensive project plans, including defining project scope, objectives, deliverables, and timelines.
• Gain insights into project scheduling techniques, resource allocation, and risk management strategies.
• Develop skills in leading project teams, managing stakeholder expectations, and communicating effectively throughout the project lifecycle.
• Explore project execution methodologies, including Agile, Waterfall, and hybrid approaches, and learn how to select the most appropriate methodology for different project scenarios.
• Learn how to monitor project progress, track project performance, and implement corrective actions to keep projects on track.

Training Structure:

Day 1: Key forecasting process and functions

• An Effective Forecasting Process
• Identifying Challenges and Requirements
• Establishing Goals and Targets
• Leadership and Cross-Functional Coordination
• Streamlining Process Oversight
• Building and Refining Forecast Models
• Ensuring Transparent Communication with Stakeholders
• The Bullwhip Phenomenon
• Strategies to Mitigate Demand Variability
• Detecting and Interpreting Data Patterns
• Identifying and Addressing Data Issues

Day 2: Key Inputs and Outputs of a Demand Plan

• Maximising Profit Potential
• Incorporating Risk Management Strategies
• Aligning with Operations Planning
• Forecasting Models: Qualitative and Quantitative Approaches
• Determining Optimal Data Usage for Statistical Models
• Overview of Subjective Assessment Techniques

Day 3: Time Series Models

• Time Series Models
• Underlying Assumptions
• When Time Series Models Are Effective and Their Limitations
• Key Components: Level, Trend, Seasonality, Cyclicality, and Noise
• Cause-and-Effect Models
• Understanding Regression Models
• Appropriate Applications of Regression Models
• Development Process Steps
• Critical Assumptions

Day 4: Reducing Forecasting Errors

• Forecast Error Metrics
• Applications of Forecast Error Measurements
• Identifying Sources of Error
• Error Analysis, Communication, and Resolution
• Exception-Based Forecasting Approach
• Connection Between MAPE/Bias, Customer Service, and Inventory KPIs

Day 5: Forecasting for New Products

• Success and Error Rates in New Product Forecasting
• Key Factors for New Product Success and Failure
• Critical Considerations for Developing New Product Forecasts
• Qualitative and Quantitative Approaches in New Product Forecasting
• Forecasting Methodologies
• Independent Departmental Forecasting
• Centralized Forecasting
• Collaborative Consensus Forecasting
• Unified One-Number Forecasting
• Misconceptions About Forecasting
• The Impact of Siloed Forecasting on Organizations
• Analyzing Data Patterns and Managing Demand Fluctuations

Conclusion and Certification:

• Recap of key learnings from the training program
• Assessment of participant understanding through quizzes or case study analysis
• Certificate of Completion awarded to participants who successfully complete the training program

Training Materials:

• Comprehensive training manual covering all topics discussed during the training
• Case studies, examples, and practical exercises for hands-on learning
• Access to online resources and additional reading materials for further exploration of project management concepts

Who Should Attend:

• Project managers
• Team leaders
• Project coordinators
• Anyone involved in planning, managing, or executing projects within their organization

Why Choose This Training:

• Practical learning: Engage in interactive sessions and practical exercises to apply theoretical concepts to real-world project scenarios.
• Expert instruction: Learn from experienced trainers with a wealth of knowledge in project management and execution.
• Comprehensive coverage: Covering all aspects of project planning and execution over five days, this training provides a thorough understanding of project management principles and practices.
• Relevant and up-to-date: Stay informed about the latest trends and best practices in project management.

Key Takeaways:

By the end of this training program, participants will have acquired the knowledge and skills necessary to effectively plan, manage, and execute projects. They will be equipped with practical tools and techniques to deliver projects successfully within scope, budget, and schedule constraints.

Optimising Demand Management and Forecasting Course provides a comprehensive overview of the fundamentals, covering key aspects such as roles, process flows, planning stages, timelines, and the technologies that support efficient demand forecasting and management.