Stock Management, Forecasting, and Demand Planning

The programme

Programme overview

Effective demand planning and stock control are critical components of Supply Chain Management (SCM), enabling organisations to enhance forecast accuracy, maintain optimal inventory levels, and boost profitability by minimising expenses. Proper execution of these processes eliminates the risks of stock shortages and surplus inventory, streamlining operations. Demand planners, often working behind the scenes, face complex challenges due to the dynamic and uncertain nature of their role. However, when performed successfully, these efforts unlock significant opportunities for organisations to optimise their supply chains.

This 5-day course delves into key demand planning theories, models, and best practices, equipping participants with the tools to manage diverse scenarios and ensure a steady flow of inventory at the lowest possible cost — including how AI is now used for reorder point automation and predictive demand forecasting.

Who should attend

Who is this programme for?

• Inventory Planners, Supply Chain Professionals, and Materials Managers
• Supervisors and Staff in Purchasing, Stores, and Distribution Functions

Learning outcomes

What you will learn

• Understand and apply the principles of stock management and forecasting
• Use scientific methods, including AI-assisted forecasting tools, to predict demand and manage inventory lead times
• Develop efficient inventory classifications and cost-optimised strategies
• Create actionable plans for safety stocks and reorder points, including AI-assisted reorder point automation

Explore the programme

Detailed programme outline

5-Day Inventory & Supply Chain Management — Training Outline

• Introduction to stock management
• Scope and objectives of supply chain management (SCM)
• Role of inventory in supply chain success
• Objectives of inventory planning and stock control
• Reasons for holding inventory
• Push vs. pull inventory systems
• Customer service and its connection to inventory management
• Introduction to inventory cost structures
• Inventory information systems: key considerations for effective systems, and digital tools (including AI-assisted platforms) supporting SCM efficiency
• Activities: Case study discussions on inventory management systems and group brainstorming.
• Inventory types and classifications (raw materials, WIP, finished goods, etc.)
• ABC classification model and its applications
• Using ABC ranking for decision-making
• Best practices in stock specification and cataloguing
• Developing accurate inventory records
• Activities: Workshop on inventory classification and cataloguing exercises.
• Dependent vs. independent demand
• Demand patterns and influencing factors
• Time series forecasting methods: moving average and exponential smoothing
• Measuring and improving forecast accuracy
• Seasonal demand adjustments
• Lead time analysis: factors affecting lead time, and methods for lead time control
• Activities: Hands-on forecasting using provided datasets and lead time simulations.
• Cost of items: purchasing, carrying, and stock-out costs
• Calculating and analysing inventory cost elements
• Economic Order Quantity (EOQ)
• Evaluating quantity discounts
• Activities: EOQ calculations and exercises on cost optimisation in inventory systems.
• Objectives and importance of safety stocks
• Determining the Reorder Point (ROP), including AI-assisted reorder point and safety stock optimisation
• Developing strategies for seasonal and unexpected demand
• Aligning inventory planning with organisational goals
• Continuous improvement in stock and demand management
• Activities: Simulation-based ROP and safety stock calculations; group presentation on inventory strategies.

Learning approach

How you will learn

Our diverse instructional approaches ensure effective learning:

– Lectures & Presentations: Engage with expert-driven, stimulating content.– Course Material: Access well-crafted supporting resources.– Group Work: Collaborate on discussions and case studies for practical insights.– Workshops & Role-Play: Participate in immersive, scenario-based activities.– Practical Application: Focus on applying theoretical knowledge in real situations.– Post-Training Support: Receive extensive support after training for skill implementation.

Discuss your requirements

Dates, duration & arrangements

Contact Ratomac to confirm dates, duration, delivery format, entry requirements and any applicable assessment or certification before booking.