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The goals of this course are to teach modeling and analysis of advanced deterministic and stochastic inventory control problems including multi-item and multi-echelon problems. The course also aims to expose students to the complex inventory problems of real life applications and teach them how to tackle with these problems with creative and critical thinking. The students are also engaged in self-learning in an advanced topic of inventory planning problems.
Economic Order Quantity model and extensions. Inventory control policies for stochastic demand. Joint replenishment problem. Introduction to multi-echelon inventory problems.
Upon succesful completion of this course, a student will be able to
1. Construct models for deterministic and stochastic inventory planning problems (B5, c)
2. Optimize models developed to meet desired needs (B5, c)
3. Choose and defend the best policy suitable for a given environment (B6, c)
4. Interpret and criticize inventory control practices adopted for complex contemporary problems of manufacturing and service systems (B6, h)
5. Recognize the need of and engage in life-long learning (i)