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.
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.
(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.
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.