Leverage Data Science for a More Agile Supply Chain Specialization

Over the past two decades, the supply chain has become more complex. While advancing technology has allowed companies to capture this complexity within stores of ever accumulating data, companies have not kept up with how to analyze and derive insights from that data. This specialization uses hands-on activities to show how data science techniques can turn raw data into decision-makers for a more agile supply chain. Foundational techniques such as demand forecasting, inventory management with demand variability, and using the newsvendor model are covered, in addition to more advanced techniques such as how to optimize for capacity and resources as well as mitigate risks with the Monte Carlo simulation. By the end of this specialization, you will be able to:
- Describe how demand planning, supply planning, and constrained forecast are associated with one another.
- Use Excel to analyze historical data to quantify future needs.
- Analyze historical data to determine inventory levels in steady and uncertain demand situations using Excel.
- Manage inventory in an uncertain environment.
- Quantify the inventory needs for single-period items using the newsvendor model.
- Identify the components of capacity optimization, resource optimization, and Monte Carlo simulation.
- Set up and solve optimization problems in Excel.
- Build a demand and inventory snapshot and run a Monte Carlo simulation to solve for a more agile supply chain.

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Supply Chain Planning (Coursera)

Jun 17th 2024
Supply Chain Planning (Coursera)
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Supply chain planning is an important activity in any supply chain. This is where organizations get an idea of the upcoming demand, realize if they have the capacity to meet the demand, and determine how to realize these demands. In this course, we will explore how to use data [...]

Inventory Management (Coursera)

Jun 17th 2024
Inventory Management (Coursera)
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Inventory is a strategic asset for organizations. The effective management of inventory can minimize a company’s spending while dramatically increasing its profit. In this course, we will explore how to use data science to manage inventory in uncertain environments, how to set inventory levels based on customer service requirements, [...]

Supply Chain Optimization (Coursera)

Jun 17th 2024
Supply Chain Optimization (Coursera)
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Optimization is an important piece of an agile supply chain. In this course, we will explore the components of optimization and how to set up an optimization problem in Excel. We will also practice capacity and resource optimization and explore examples of both in the supply chain. Building off [...]