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1 year access to Measuring Forecast Error & Variability - INV201

Non-Member Price:$219
Member Price:$129

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You are registering for one year of access to this Knowledge Center course, starting the date of purchase.

3.5 CEHs - This Online Self-Study course covers the topics of variability and error in forecasting. In every area of the supply chain management, we face variability and uncertainty. Variability in any part of the supply chain drives up cost and erodes our ability to serve customers. To control and manage variability, it must first be able to be measured. This course examines the concept of variability and describes graphical and statistical approaches to measuring it.

Many important concepts will be covered, including:
Histograms
Measure the mean, median, and mode
Measurements of spread including the standard deviation
Measurements of relative variability such as the coefficient of variation, such as: CV

Additionally, in this module, we introduce several important approaches to measuring and improving forecast processes including:
Measures of bias such as average error
Measures of precision and dispersion including the standard deviation, mean square error, mean absolute deviation, and mean absolution percent error
Measures that dynamically evaluate forecast performance such as tracking signals

Students will learn how to calculate and compare these metrics. More importantly, we discuss how such metrics are used to drive forecast improvement and create inventory models.

Remember: All Knowledge Center courses are active for one year from the date of purchase.

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