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Inventory forecasting and management

Inventory forecasting and management: Careers in Supply Chain and Operations
Inventory forecasting and management: Careers in Supply Chain and Operations

Supply chain management involves managing inventory. You generally need to have some inventory so that you move fast, either to build a product or to sell something to a customer. But inventory is expensive. It ties up your money and you have to pay people to move it and protect it. It tends to lose its value over time, many products even have expiration dates and it can be damaged or stolen. So while there are good reasons to have some inventory, there are lots of reasons to keep your inventory levels as low as possible. Deciding how much inventory to order and when to order it, involves a lot of math. In particular, it requires you to use probabilities and statistics to analyze historical data and make predictions about what is going to happen in the future.

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Skill Level Beginner
59m 21s
Duration
22,876
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Skills covered in this course
Business Business Skills Career Development Marketing

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