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