Introduction to Forecasting Methods and Inventory Models
The free online course calculations using exponential forecasting methods and basic inventory models in production.Publisher: NPTEL
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CertificationView course modules
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.Start Course Now
Causal Methods of Forecasting
Causal Methods of Forecasting - Learning Outcomes
Working Example of Exponential Smoothing I
Working Example of Exponential Smoothing II
Working Example of Exponential Smoothing III
Causal or Explanatory Methods
Causal Methods of Forecasting - Lesson Summary
Various Variations of EOQ
Various Variations of EOQ - Learning Outcomes
Inventory Planning and Control
Basic Inventory Model
Different Variations in Basic EOQ Model
Safety Stock and Fixed Term Inventory Model
Examples of Safety Stock Calculation
Various Variations of EOQ - Lesson Summary
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.
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