Course Objectives

This module presents the quantitative techniques necessary for raw materials purchasing, production planning and inventory replenishment decisions, so that a firm can provide the required service levels to its customers, taking into account at the same time the economic performance of the system and avoiding supply disruptions.

Course Description

The course presents the different types of inventory, the importance of optimally managing them and quantitative methods for inventory management, under deterministic or stochastic demand. In addition, simulation techniques for inventory management problems are presented. The scope of the course also includes the presentation of techniques useful for coping with large-scale problems using spreadsheets and a game on inventory management.

Suggested Textbooks

• 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, 2015.