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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.

Publisher: NPTEL
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.
Introduction to Forecasting Methods and Inventory Models
  • Duration

    4-5 Hours
  • Students

    419
  • Accreditation

    CPD

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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