What is the definition of "forecasting"?
A prediction of customer demand used to calculate future inventory levels.

Learn more about forecasting in the class Intro to Supply Chain Management 140 below.


Quality Training


Class Information
Tooling U classes are offered at the beginner, intermediate, and advanced levels. The typical class consists of 12 to 25 lessons and will take approximately one hour to complete.
Class Name:Intro to Supply Chain Management 140
Description:This class describes the flow of products and information in a supply chain and explains the importance of customer service.
Prerequisites: none
Difficulty:Beginner
Number of Lessons:15
Language:English, Spanish

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Below are all the competencies and job programs that contain the class Intro to Supply Chain Management 140. Job programs are our traditional class lists organized according to common job functions. Competencies are our latest job-specific curricula that help tie online learning to practical, hands-on tasks.

Click on any title to view its details.

Competencies


Class Outline
  • Objectives
  • What Is a Supply Chain?
  • History of Supply Chains
  • Definition of Supply Chain Management
  • The New Supply Chain Network
  • Materials and Information
  • The Responsive Supply Chain
  • The Efficient Supply Chain
  • The Importance of Long-Term Relationships
  • Forecasting
  • Just-in-Time Production
  • The Definition of Value
  • The Importance of Service
  • The Importance of Customer Retention
  • Summary
  
Class Objectives
  • Define supply chain.
  • Describe the history of supply chains.
  • Define supply chain management.
  • Describe how companies best relate to one another in supply chains.
  • Identify common resources that flow in a supply chain.
  • Describe the products best distributed through a responsive supply chain.
  • Describe the products best distributed through an efficient supply chain.
  • Describe the benefits of long-term suppliers.
  • Define forecasting.
  • Describe the characteristics of just-in-time production.
  • Describe common factors that impact value.
  • Identify the importance of customer service.
  • Describe how supply chain management impacts customer retention.

Class Vocabulary

Vocabulary TermDefinition
brand A name or symbol used to represent a company or its products. A brand helps to make a product recognizable in the minds of customers.
core competencies The areas of expertise that distinguish a company from its competition. Core competencies reflect what a company does best.
customer An organization or individual that receives a product or service from a company.
customer service The area of business that focuses on timely and complete product delivery, as well as the repair and replacement of products after sale.
distributor A company that sells a variety of products to a customer. Many companies sell products to a distributor before they reach the final customer.
finance The area of business that focuses on the effective management of money and other company assets.
forecasting A prediction of customer demand used to calculate future inventory levels.
information technology The systems and resources that a company uses to collect and organize the information necessary for conducting business.
inventory Manufactured products that are stored before being shipped to the customer.
just-in-time An approach to production and distribution that emphasizes flexible processes and reduced inventories to decrease costs and improve responsiveness.
logistics The area of business that focuses on the purchase, production, and distribution of materials. The term "logistics" now suggests a focus of these activities within a single company.
marketing The area of business that focuses on selling products to a consumer and encouraging sales.
supplier An organization that provides a product to a company. Products are often passed in a chain, from the supplier to the company to the customer.
supply chain A network of companies that exchange resources such as materials and information to deliver products to customers. Supply chains consist of a company, its suppliers, its distributors, and its customers.
supply chain management The effective coordination of companies within a supply chain that manage their resources to meet the needs of customers.
value A real or perceived quality that satisfies the needs and wants of a customer. Value includes the features of a product, as well as other qualities associated with the product.
value stream The series of activities within a supply chain that add value from the perception of the customer.