Academy for Continuing Education (ACE)

Are you experiencing demand management problems such as overproduction and underproduction of inventory items? These could overwhelm the inventory level or lead to items being out-of-stock.

Through this one-day course, you will be introduced to forecasting and simple time series analysis techniques. You will also learn how to derive forecasts based on historical data by applying the Moving Average, Exponential Smoothing, and simple Linear Regression methods. Additionally, concepts on forecasting error will be explored, enabling you to evaluate different forecasting methods.

Learning Objectives

By the end of the course, participants will be able to:

• Explain forecasting and time series analysis

• Describe the differences between qualitative and quantitative forecasting methods

• Apply Moving Average, Weighted Moving Average, and Simple Exponential Smoothing methods to forecast level component in a time series

• Apply Linear Regression on historical data to determine whether there is any linear relationship between two factors

• Perform a forecast from the regression line

• Apply Mean Absolute Deviation and Mean Absolute Percent Deviation to evaluate forecast accuracy

Who Should Attend?

Managers, data analysts, professionals, executives, and support staff involved in forecasting demand and predicting future sales for management decision-making in production, inventory management, staffing, and more.

Entry Requirement

Participants are expected to have basic computer literacy.

Certification

Participants will be awarded a certificate of completion upon meeting the 75% course attendance requirement.

For courses with formal assessment component, participants will be awarded the certification of completion upon passing the assessment. Otherwise, a certification of attendance will be issued instead upon meeting the 75% course attendance requirement.