Upon successful completion of the course, students will be able to
- apply quantitative techniques necessary during decision making considering raw materials purchasing, production planning and inventory replenishment
- confront issues related to supply disruptions and to provide suitable service levels to its customers, taking into account at the same time the economic performance of the system
- forecast product demand
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
Nahmias, S. and Olsen, T.L. Production and Operations Analysis, 7th edition, McGraw-Hill, 2015.
Silver, E.A., Pyke, D.F. and Thomas, D.J. Inventory and Production Management in Supply Chains, 4th edition, CRC Press, 2017.
Chopra, S. and Meindl, P., Supply Chain Management, 6th edition, Pearson Education, 2016.