Forecasting and Inventory Management

Course Code: SCM 3515

Academic Year: 2023-2024

In the first part of this course, students study and discuss the importance and role of forecasting demand of goods and services. They review the main qualitative and quantitative approaches and describe the environment in which each or a combination is appropriate. Measurement and interpretation of forecast error is explored as a means of improving the overall forecasting process. Students assess data requirements, quality of data and the external environment. Inventory management depends on forecasting, demand management and the responsiveness of the business to market changes. This second part of the course covers different models of inventory management and the differences in managing independent demand items versus dependent demand items. Students will explore the relationships between levels of customer service, levels of inventory and financial costs.