FOUNDATIONS OF INVENTORY MANAGEMENT
2010/2011, Semester 2
School of Business (Analytics & Operations)
Modular Credits: 4
This course will first provide an in-depth study of a variety of production and inventory control planning problems, the development of mathematical models corresponding to these problems, approaches to characterize solutions, and algorithm designs for finding solutions. We will cover both classical deterministic and stochastic inventory models.
Although many of the topics we will cover are of great interest to managers, our focus will be not on practice but on theory.
Lectures and Assignments.
Conference Room BIZ2/1-11
Deterministic Inventory Theory
The Economic Order Quantity (EOQ) Model
Quantity Discount Model
The Economic Lot Scheduling Model
Power-of-Two Lot Sizing
2. Stochastic Inventory Theory
Dynamic Models with No Setup Cost
(R,Q) Model (Hadley-Whitin)
Series Inventory Systems
Assembly Inventory Systems
Distribution Inventory Systems
Lost Sales Inventory Systems
Empirical Bayesian Inventory Systems
Time-dependent Demand Inventory Systems
Assignments and Presentations 80%
Final Exam 20%