INVENTORY MANAGEMENT AND FORECASTING MODELS
| Title | ΥΠΟΔΕΙΓΜΑΤΑ ΑΠΟΘΕΜΑΤΩΝ ΚΑΙ ΠΡΟΒΛΕΨΕΩΝ / INVENTORY MANAGEMENT AND FORECASTING MODELS |
| Code | 12ΕΕ10 |
| Faculty | Social and Economic Sciences |
| School | Economics |
| Cycle / Level | 1st / Undergraduate |
| Teaching Period | Spring |
| Coordinator | Chrysoleon Papadopoulos |
| Common | Yes |
| Status | Active |
| Course ID | 100001492 |
Programme of Study: UPS School of Economics (2013-today)
Registered students: 48
| Orientation | Attendance Type | Semester | Year | ECTS |
|---|---|---|---|---|
| OIKONOMIAS | Elective Courses belonging to the other | 6 | 3 | 3 |
| DIOIKĪSĪ EPICΗEIRĪSEŌN | Elective Course belonging to the selected specialization (Elective Specialization Course) | 6 | 3 | 3 |
| Academic Year | 2019 – 2020 |
| Class Period | Spring |
| Faculty Instructors | |
| Class ID | 600161249
|
Course Type 2016-2020
- Background
- General Knowledge
- Scientific Area
- Skills Development
Course Type 2011-2015
Specific Foundation / Core
Mode of Delivery
- Face to face
Digital Course Content
- e-Study Guide https://qa.auth.gr/en/class/1/600161249
Language of Instruction
- Greek (Instruction, Examination)
Prerequisites
General Prerequisites
None except Basic Mathematics.
Learning Outcomes
1. After the completion of this course, students shall be able to: apply mathematical models of inventory control and management as well as forecasting models, implementing the mathematical methods and techniques taught in this course.
2. After the completion of this course, students shall be able to: apply mathematical models of inventory control and management as well as forecasting models, making use of MS Office Excel. This is quite useful in practice.
General Competences
- Apply knowledge in practice
- Retrieve, analyse and synthesise data and information, with the use of necessary technologies
- Make decisions
- Work autonomously
- Work in teams
- Work in an international context
- Work in an interdisciplinary team
- Generate new research ideas
- Advance free, creative and causative thinking
Course Content (Syllabus)
ΣΚΟΠΟΣ ΚΑΙ ΠΕΡΙΕΧΟΜΕΝΟ ΤΟΥ ΝΕΟΥ ΜΑΘΗΜΑΤΟΣ ΕΠΙΛΟΓΗΣ Ε’ ΕΞΑΜΗΝΟΥ ``ΥΠΟΔΕΙΓΜΑΤΑ ΑΠΟΘΕΜΑΤΩΝ ΚΑΙ ΠΡΟΒΛΕΨΕΩΝ’’ (Ακαδημαϊκό Έτος 2019-2020)
Teacher: Professor Chrissoleon T. Papadopoulos
Objective: To introduce the students of the Department of Economic Sciences of the Aristotle University to the concepts and the importance of mathematical methods and techniques on forecasting and inventory management and control in any business firm, commercial and industrial. Many exercises and problems are solved making use of MS Office Excel.
Syllabus:
(I) Inventory Management
The importance of inventory, Inventory management costs: Ordering cost, purchasing cost, holding or carrying cost, Shortage or backordering cost, Inventory control systems, Deterministic inventory models: The basic vendor EOQ model with constant ordering quantity, Part of the demand is fulfilled partially (with a delay), The demand is fulfilled from a production unit, Quantity discount models, Simultaneous orders of groups of items, Multiple items and constraints, Stochastic inventory models: Stochastic system with constant order quantity, Stochastic system of fixed review period, Exercises/Problems solved both mathematically and in Excel.
(ΙΙ) Forecasting Methods
The importance of forecasting and methodological directions, Tools on quantitative forecasting methods, Methods for analyzing time series: Simple moving average of k periods, Simple weighting moving average of k periods, Double moving average with linear trend, Simple exponential smoothing, Simple exponential smoothing with the smoothing constant α adjusted, Double exponential smoothing with two parameters and linear trend, Triple exponential smoothing with trend of second order, Exponential smoothing with seasonality, Exponential smoothing with liner trend and seasonality, Summary and classification of exponential smoothing methods, The Box-Jenkins method, Exercises and problems solved both mathematically and using the MS Office Excel.
Main textbook: S.G. Dimitriadis and A.N. Mihiotis, ``Management of Production Systems’’, KRITIKI Publisher, 2007: Chapters 2 & 6.
Keywords
Inventory control, inventory management systems, Forecasting, forecasting methods and techniques, Solving in MS Office Excel
Educational Material Types
- Notes
- Slide presentations
- Audio
- Multimedia
- Book
Use of Information and Communication Technologies
Use of ICT
- Use of ICT in Course Teaching
- Use of ICT in Laboratory Teaching
- Use of ICT in Communication with Students
- Use of ICT in Student Assessment
Course Organization
| Activities | Workload | ECTS | Individual | Teamwork | Erasmus |
|---|---|---|---|---|---|
| Lectures | 52 | 1.9 | ✓ | ||
| Laboratory Work | 6 | 0.2 | ✓ | ✓ | |
| Tutorial | |||||
| Interactive Teaching in Information Center | ✓ | ||||
| Project | 4 | 0.1 | ✓ | ✓ | |
| Written assigments | 20 | 0.7 | ✓ | ✓ | |
| Exams | 2 | 0.1 | ✓ | ||
| Total | 84 | 3 |
Student Assessment
Description
Students are requested to solve a complete problem in Inventory Management and Forecasting, to write a full report on this and present them in class and at the Laboratory.
Student Assessment methods
- Written Exam with Short Answer Questions (Formative, Summative)
- Written Exam with Extended Answer Questions (Formative, Summative)
- Written Assignment (Formative, Summative)
- Oral Exams (Formative, Summative)
- Performance / Staging (Formative, Summative)
- Written Exam with Problem Solving (Formative, Summative)
- Report (Formative, Summative)
- Labortatory Assignment (Formative, Summative)
Bibliography
Course Bibliography (Eudoxus)
ΒΑΣΙΚΟ ΕΓΧΕΙΡΙΔΙΟ: Σ.Γ. ΔΗΜΗΤΡΙΑΔΗ και Α.Ν. ΜΙΧΙΩΤΗ, ``ΔΙΟΙΚΗΣΗ ΠΑΡΑΓΩΓΙΚΩΝ ΣΥΣΤΗΜΑΤΩΝ’’, Εκδόσεις ΚΡΙΤΙΚΗ, 2007: ΚΕΦΑΛΑΙΑ 2 & 6.
Additional bibliography for study
Blakrishnan, Render and Stair, ``Managerial Decision Modeling with Spreadsheets'', Pearson New International Edition, 3rd edition, 2014.
ΑΓΙΑΚΛΟΓΛΟΥ Ν. ΧΡΗΣΤΟΣ ΚΑΙ ΟΙΚΟΝΟΜΟΥ Σ. ΓΕΩΡΓΙΟΣ, "ΜΕΘΟΔΟΙ ΠΡΟΒΛΕΨΕΩΝ ΚΑΙ ΑΝΑΛΥΣΗΣ ΑΠΟΦΑΣΕΩΝ", ΕΚΔΟΣΕΙΣ Γ. ΜΠΕΝΟΥ, ΑΘΗΝΑ, 2002.
SPYROS MAKRIDAKIS, STEVEN C. WHEELWRIGHT, ROB J. HYNDMAN, "FORECASTING METHODS AND APPLICATIONS", THIRD EDITION, JOHN WILEY & SONS, 1998.
STEVEN G. POWELL AND KENNETH R. BAKER, "MANAGEMENT SCIENCE - THE ART OF MODELING WITH SPREADSHEETS", FOURTH EDITION, WILEY, 2014.
Last Update
11-11-2019
