Aim of the course is to provide knowledge and quantitative techniques necessary during decision making considering raw materials purchasing, production planning and inventory replenishment, so that a firm can avoid supply disruptions and provide suitable service levels to its customers, taking into account at the same time the economic performance of the system.
Course Content (Syllabus)
The course presents the different types of inventory and the motivation for holding them, the importance of optimally managing them and proposes ways for grading the performance of existing solutions. In addition, forecasting techniques are presented and discussed, as well as the most prevailing quantitative methods for inventory management, under deterministic or stochastic demand. All topics’ presentation is supported by applications taken from real-life examples. The scope of the course also includes coping with large-scale problems using spreadsheets.
Additional bibliography for study
Silver, E., Pyke, D., Peterson, R., Inventory Management and Production Planning and Scheduling, 3rd edition, Wiley, 1998.
Nahmias, S., Production and Operations Analysis, 7th edition, McGraw-Hill, 2015.