Conquer Demand Planning And Forecasting

Course overview

What is analysis of demand planning and forecasting? Demand forecasting is the process of analyzing data to project future demand for a company’s goods. To put it another way, demand forecasting is the process of estimating or calculating future product demand after taking into account both controllable and uncontrollable elements. This information is then used to plan and direct manufacturing operations as well as other associated activities.

Demand forecasting is becoming more and more important in light of the intensifying competition and ever-evolving market conditions. Demand planning and forecasting analysis is incredibly helpful for budgeting, cost control, employment stabilization, goal fulfillment, sales tracking, and performance monitoring. In order to effectively meet client requests, it is now essential for an organization to concentrate on demand forecasting and analysis.

With this Training Bee training course, you will gain in-depth knowledge and comprehension of all significant facets of demand forecasting and analysis. This course will provide you the self-assurance and skill set you need to contribute to demand forecasting and analysis, one of the most crucial areas of your organization.

Participants will be able to apply the concepts taught in this course to whatever role you may take on in the future because the knowledge gained through this Demand Planning and Forecasting course is not limited to one organization or industry.

Introduction

Welcome to the course on demand forecasting and planning! Precise demand planning and forecasting are critical elements of successful supply chain management in today’s dynamic business environment. With great care, this course has been created to give you the skills, techniques, and information required to succeed in the ever-changing demand planning industry.

Success in this course requires active participation, involvement in discussions, and application of taught concepts in practical settings. We welcome you to contribute to a vibrant and stimulating learning environment by sharing your experiences and difficulties.

We are excited to provide you with the knowledge and skills necessary to successfully negotiate the challenges of demand planning and forecasting as we set out on this adventure together.

We are The Training Bee, a global training and education firm providing services in many countries. We are specialized in capacity building and talent development solutions for individuals and organizations, with our highly customized programs and training sessions.

Learning Objectives

Upon completing Demand Planning and Forecasting Course, participants will be able to:

• Sufficient familiarity with industry best practices and sophisticated ideas related to demand forecasting and analysis
• The necessary expertise in cutting-edge methods and procedures for demand estimation, resulting in the most precise and near-term projections of demand
• Improved aptitude and capacity to forecast needs, anticipate difficulties, and establish safeguards to protect the company from any losses
• The assurance and expertise to instruct experts in demand forecasting and analysis best practices
• The capacity and skill set to safeguard the organization against potential risks and difficulties in order to contribute to its stability, credibility, and growth.
• The capacity and capability to increase customer happiness by making items and raw materials available for prompt, high-quality customer delivery

Our Unique Training Methodology

This interactive course comprises the following training methods:

• Journaling – This consists of setting a timer and letting your thoughts flow, unedited and unscripted recording events, ideas, and thoughts over a while, related to the topic.
• Social learning – Information and expertise exchanged amongst peers via computer-based technologies and interactive conversations including Blogging, instant messaging, and forums for debate in groups.
• Project-based learning
• Mind mapping and brainstorming – A session will be carried out between participants to uncover unique ideas, thoughts, and opinions having a quality discussion.
• Interactive sessions – The course will use informative lectures to introduce key concepts and theories related to the topic.
• Presentations – Participants will be presented with multimedia tools such as videos and graphics to enhance learning. These will be delivered engagingly and interactively.

Training Medium

This Demand Planning and Forecasting Course training is designed in a way that it can be delivered face-to-face and virtually.

Course Duration

This training is versatile in its delivery. The training can be delivered as a full-fledged 40-hour training program or a 15- hours crash course covering 5 hours of content each day over 3 days

Pre-course Assessment

Before you enroll in this course all we wanted to know is your exact mindset and your way of thinking.
For that, we have designed this questionnaire attached below.

• Give an explanation of demand planning and its importance in supply chain management.
• List at least three popular forecasting techniques in brief. Give an example of when you might use each technique most effectively.
• List and describe the main elements that can affect consumer demand for a good or service.
• Describe your level of expertise with demand planning software and tools for data analysis. Give an instance of how you have previously applied these abilities.
• At least two measures for gauging forecast accuracy should be listed and defined.
• What effect does seasonality have on demand projections? Give an example of a good or service where the seasons have a big impact.
• Describe the significance of departmental cooperation (marketing, sales, operations, etc.) in the demand planning process.

Course Modules

This Demand Planning and Forecasting Course covers the following topics for understanding the essentials of the Agile Workplace:

Module 1 – Demand Forecasting’s Goals

• Developing a Policy for Production
• Creating a Policy for Prices
• Managing Sales
• Organizing funds
• Choosing the capacity for production

Module 2 – Demand Forecasting Types

• Forecasting passive demand
• Forecasting demand actively
• Forecasting demand in the short term
• Forecasting medium- to long-term demand
• Forecasting external macro-level demand
• Internal demand forecasting at the business level

Module 3 – Elements That Affect Demand Forecasting

• Kinds of products
• Competitiveness degree Product cost
• Technological Level
• Economic perspective
• Periodic projections

Module 4 – Procedures for Demand Prediction

• Determining the goal
• Establishing the time frame
• Choosing a demand forecasting technique
• Obtaining data
• Calculating outcomes

Module 5 – Techniques for Demand Prediction

• Experts’ viewpoint survey
• Delphi technique
• Method of market experimentation
• Method for projecting trends
• Methods of regression
• Number of indexes

Module 6 – Qualities of an Effective Demand Forecasting Approach

• Acceptability and ease of use
• Accessibility
• Possibility and believable
• Finance
• Delivering prompt outcomes

Module 7 – Benefits of Forecasting Demand

• Achieving the goals
• Monitoring sales, planning, and strategy
• Reducing expenses
• Stabilizing output and employment
• Monitoring overall effectiveness

Module 8 – Difficulties in Forecasting Demand

• Precise tracking of stock levels
• Historical sales forecasting data is available
• Determining accurate lead times for suppliers
• Introduction of new products
• Distributed stock management

Post-course Assessment

Participants need to complete an assessment post-course completion so our mentors will get to know their understanding of the course. A mentor will also have interrogative conversations with participants and provide valuable feedback.

• Think back to a situation in the real world where you had to select a forecasting technique. Explain the elements that shaped your decision and the results of the approach you chose.
• Analyze the forecast accuracy of a recent project you worked on that involves demand planning. Talk about the difficulties encountered and the tactics used to improve accuracy.
• Throughout the course, how has your expertise in data analysis improved? How have you used this skill to increase the accuracy of demand planning in your professional role?
• Tell about a situation where departmental cooperation improved the precision of demand projections. What were the main elements that made the collaboration successful?
• Give particular instances of risk mitigation techniques you have used with demand forecasting. How were possible obstacles or uncertainties handled by these strategies?

Lessons Learned

The cyclical nature of demand: Recognize that demand is dynamic and that a range of factors, such as seasonality, market trends, and outside events, affect it. The need of flexibility in forecasting techniques is emphasized throughout the course.

Various Forecasting Techniques: Recognize the variety of forecasting techniques at your disposal and the significance of picking the best approach depending on the features of the good or service.

Making Decisions Based on Data: Stress how important data is to demand forecasting and planning. It is important for participants to understand how important data analysis abilities are for making wise decisions.

Managing Risk in Prediction: Recognize and manage demand planning risks, such as supply chain ambiguities, shifting market conditions, and unforeseen circumstances. Sustaining accurate estimates requires effective risk management.

Using Technology to Increase Efficiency: Recognize that technology plays a crucial part in today’s demand planning. The attendees ought to have acquired knowledge on utilizing cutting-edge technology to improve the precision and effectiveness of forecasting.

Cooperation Between Departments: Acknowledge the importance of departmental collaboration in generating more precise demand estimates, including marketing, sales, and operations.

The mindset of continuous improvement: Adopt a philosophy of constant improvement when it comes to demand planning procedures. Recognize that learning is a continuous process and that tactics should be adjusted in response to input and shifting market conditions.

Making Strategic Decisions: Recognize that demand planning is a strategic endeavor. Participants must to be prepared to make choices that advance organizational success and coordinate forecasting efforts with overarching company objectives.