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.
The course presents the different types of inventory, the importance of optimally managing them and proposes ways for the assessment of the performance of existing solutions. In addition, forecasting techniques are presented and discussed, as well as the most prevailing quantitative methods for inventory management, under deterministic or stochastic demand. Each topic’s presentation is supported by applications taken from real-life examples. The scope of the course also includes the presentation of techniques useful in coping with large-scale problems using spreadsheets.
- Nahmias, S. Production and Operations Analysis, 7th edition, McGraw-Hill, 2015.
- Silver, E., Pyke, D. and Peterson, R. Inventory Management and Production Planning and Scheduling, 3rd edition, Wiley, 1998.
- Chopra, S. and Meindl, P. Supply Chain Management, 6th edition, Pearson Education, 2015.