Advanced Demand Forecasting

Description

Advanced Demand Forecasting

This course covers the following aspects;

• Advanced forecasting techniques
• Forecast optimization and refinement
• Forecasting strategy and application

Who is it Suitable For?

This program is designed for:

• Senior Merchandisers
• Senior Buyers and their Managers
• Supply Chain Managers
• Demand forecasters in consumer goods manufacturing and supply chain roles
• Consultants and Vendors who supply forecasting systems
• Internal IT teams involved in developing or implementing forecasting applications
• Companies who supply and implement demand forecasting solutions
• Retail staff who have project roles where demand forecasting knowledge is important.

Class Objectives

By the end of this program, learners will be able to;

• Explain more advanced forecasting models, sometimes assisted by AI or machine learning, and identify when they are most useful
• Apply forecasting methods for direct to consumer operations, wholesale operations and to forecasting warehouse dispatches
• Describe ways to improve forecasting strategy.

Detailed Content:

Advanced Forecasting Techniques

• Price Elasticity and how it changes demand
• HALO and Cannibalization Effects
• Exponential Smoothing
• The Role of Smoothing Factors

Forecast Refinement: Trend, Seasonality and Other Factors

• Trend Modifier
• Seasonality Factors
• ARIMA
• SARIMA
• SARIMAX

Advanced Forecasting Considerations

• Forecasting Using Profiles
• Using Causal Methods
• Forecasting at Warehouse and Dispatch Level:
  • E-commerce and omni-channel considerations
  • Manufacturer direct to consumer (DTC) operations
  • Wholesale sector demand forecasting
  • Where stores originate their own replenishment re-ordering, manually or by store systems

Forecasting Strategy and Application

• How to Respond if Forecast Accuracy is Poor
• The Importance of Demand vs. Sales
• Selecting the Most Appropriate Forecasting Model
• Additional Forecasting Considerations
  • DC level forecasting
  • Uplifts
  • Product lifecycle influences
  • Lumpy demand patterns
• Forecasting Strategy – Category Management products
• Forecasting and Allocation/Replenishment
• Forecasting Across the Supply Chain

Achievement Recognition

Learners completing the mastery test and obtaining a 70% pass mark will also receive a mastery certificate upon completion. 

If you are a CPA licensed in the USA, you may be eligible for NASBA CPE credits.  This class is worth 2.2 credits.

Hours of Study

On average learners take 2 hours to study this course.

Resources Included

The class includes the following downloadable resources for printing and review:

• Guide on Navigating Martec E-learning Courses v6
• Advanced Demand Forecasting Summary
• CPE Credits for Advanced Demand Forecasting
• Retail and consumer Goods Knowledge Bank links for Advanced Demand Forecasting

Pre-Requisites Necessary

A basic understanding of key retail processes, such as taught in the Buying and Merchandising Overview module and Demand Forecasting Fundamentals.