Basic Retail Replenishment and Forecasting Statistics & Probability



 
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2.00 hours
Online Self Study
INV106

ID:1000000593
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About the Course

Understanding basic statistics and probability concepts allows you to employ forecasting methods with greater efficiency and less mystery.

Course Description

This course will help you understand basic statistics and probability concepts. Knowledge of basic statistics and probability theory can help you to compare forecasting methods, recognize how much confidence you should have in a forecast, and communicate about forecasting with others.

Many replenishment systems set safety stock using probability theory. Understanding some of the basic concepts of probability will take the mystery out of how this process works. Furthermore, many of the estimates of fill rates and expected inventory levels use basic probability theory. After completing this course you will have the fundamental building blocks of these techniques, and they will help you understand future training modules.

Learning Objectives

By the end of this course, you will be able to:

  • Understand the basic descriptive statistics used in data analysis that are relevant to replenishment and forecasting.
  • Develop, calculate, explain, and understand basic descriptive statistics.
  • Understand and explain how to use normal distribution.
  • Enhance replenishment and forecasting decision-making with statistics.

Agenda

This course includes the following topics:

  • Introduction
  • Descriptive Statistics
  • Normal Distribution
  • Conclusion
  • Assessment
None