Demand Forecasting for Optimal Inventory with Long Lead Times 3741
Demand Forecasting for Optimal Inventory with Long Lead Times
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Dr. Chris Anderson 17 Feb 2022 ASQ VIRTUAL 6PM Presentation

Demand Forecasting for Optimal Inventory with Long Lead Times

Accuracy in predicting customer demand is essential to building an economic inventory policy under long lead-times and a target fill rate. This presentation discusses the forecast accuracy of different simple to more complex predictive analytical techniques. We will learn how traditional forecast error measures are inappropriate for inventory control, despite their consistent usage in forecasting. Instead we will evaluate demand forecast performance dynamically with customer service level as a stock control metric that includes inventory holdings costs, stock out costs, and fill rate service levels.

Dr. Chris Anderson, Management Coach – Bizmanualz, Inc.

Chris Anderson has many years of experience working in business process design, software, aerospace, and advanced manufacturing. He specializes in Lean ISO consulting with ISO 9001, AS9100, and IATF 16949 quality managements system standards. He is the co-author of various policies and procedures manuals; assisting in the layout, process design and implementation of the information. Chris is the primary instructional designer for the business process training programs and is a Principal Consultant and project leader on various Bizmanualz Lean ISO Quality Managements System deployments. He is also the instructor for ISO 9001 Auditing training classes in St. Louis.

Chris is currently the Managing Director of Bizmanualz, Inc. and an Adjunct Professor of Industrial Engineering at Southern Illinois University Edwardsville where he is the Instructor for IE 462 Quality, Lean, and Six Sigma Process Improvement. He holds a Doctorate in Business Administration (DBA) and operations management from University of Missouri, Masters in Business Administration (MBA) from Pepperdine University, and a Bachelor of Science degree in Electrical/Computer Engineering (BSEE) from Southern Illinois University (where he minored in Math and Computer Science).

He is a senior member of the American Society of Quality (ASQ) as a Certified Quality Auditor (CQA), Certified Quality Manager/Operational Excellence (CQM/OE), Certified Quality Process Analyst (CQPA) and Certified Quality Improvement Analyst (CQIA). He is a past chair of ASQ St. Louis, Section 1304, has served as ASQ Region 13 Deputy Regional Director, on the Lean Division Leadership, and multiple ASQ Membership and Training Committees.

ASQ St. Louis Section Monthly VIRTUAL Presentation

Thursday, Feb 17, 2022
6:00 PM – 07:00 PM Central

Register today for the next ASQ St. Louis Section VIRTUAL Presentation

Date & Time
Thursday February 17th, 2022 6:00pm CST
End Date & Time
Thursday February 17th, 2022 7:00pm CST
Address
St. Louis, MO 63130
United States
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Date & Time: 02/17/2022 06:00:00 PM CST