Forecasting Methods and Inventory Models | Free Online Course | Alison
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Introduction to Forecasting Methods and Inventory Models

The free online course calculations using exponential forecasting methods and basic inventory models in production.

Leadership and Management
Free Course
This free online introduction to forecasting methods and inventory models course will teach you the various ways the exponential forecasting method models can be used in calculations. The course will also teach you about the calculation of seasonality using exponential forecasting methods. You will also learn about the various basic inventory models used in production and operations management, as well as the importance of safety stock.
  • Duration

    4-5 Hours
  • Assessment

    Yes
  • Certification

    Yes
  • Responsive

    Yes
  • Publisher

    NPTEL

Description

Modules

Outcome

Certification

View course modules

Description

In this course, you will learn about the various ways the exponential forecasting method models can be used in calculations. The calculation of seasonality using exponential forecasting methods will also be covered in this course. Then, the course will also teach you how to identify forecast errors as well as how these forecast errors can be applied in exponential forecasting methods and then teach you about the concept of regression analysis.

Then, this course will teach you about the concept of stock points in a production-distribution system, as well as the concept of inventory planning and control. Furthermore, the course will teach you about various basic inventory models used in production and operations management. Lastly, this course will teach you about the importance of safety stocks, as well as how the price-break model formula is used in production.

This course is helpful for learners who want to gain an understanding of the use of exponential forecasting models in calculations. The course will also be helpful when you want to understand the various models that are important in production and operations management. Begin this course now to understand how safety stocks are used in production, as well as the ROP for constant demand and lead time.

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Learning Outcomes

Having completed this course, you should be able to:


  • Explain how to calculate forecasting errors.
  • Discuss the concept and application of tracking signals.
  • Explain causal methods and some examples of causal factors.
  • Identify the various types of causal methods.
  • Discuss the concept of regression analysis and developing the regression equation.
  • Identify the reliability of forecasts.
  • Explain stock points in a production-distribution system.
  • Discuss the economic order quantity model.
  • Identify the different variations in the basic EOQ model.
  • Discuss the concept of production order quantities and production cycling.
  • Explain the ROP for constant demand and lead time.

Certification

All Alison courses are free to enrol, study and complete. To successfully complete this Certificate course and become an Alison Graduate, you need to achieve 80% or higher in each course assessment. Once you have completed this Certificate course, you have the option to acquire an official Certificate, which is a great way to share your achievement with the world. Your Alison Certificate is:

Ideal for sharing with potential employers - include it in your CV, professional social media profiles and job applications
An indication of your commitment to continuously learn, upskill and achieve high results
An incentive for you to continue empowering yourself through lifelong learning

Alison offers 3 types of Certificates for completed Certificate courses:

Digital Certificate - a downloadable Certificate in PDF format, immediately available to you when you complete your purchase
Certificate - a physical version of your officially branded and security-marked Certificate, posted to you with FREE shipping
Framed Certificate - a physical version of your officially branded and security-marked Certificate in a stylish frame, posted to you with FREE shipping

All Certificates are available to purchase through the Alison Shop. For more information on purchasing Alison Certificates, please visit our FAQs. If you decide not to purchase your Alison Certificate, you can still demonstrate your achievement by sharing your Learner Record or Learner Achievement Verification, both of which are accessible from your Dashboard. For more details on our Certificate pricing, please visit our Pricing Page.

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