At the end of this course, the students; 1) Define the basic principles of the inventory, inventory management and demand terms. 2) Identify the inventory costs and establishing the total cost functions 3) Has the ability to model, analyze and solve the inventory models regarding the basic concepts of inventory policies 4) Present the qualitative or quantitative research projects
MODE OF DELIVERY
Face to face
PRE-REQUISITES OF THE COURSE
No
RECOMMENDED OPTIONAL PROGRAMME COMPONENT
Production Planning and Control
COURSE DEFINITION
In this couse, after reviewing the basic concepts of inventory, the advantages of stock, demand variety, purchasing and shortage costs, Basic Inventory Policies (Basic EOQ Model, Backloging model, Production Model, Production model with Shortages), Discount Models, Dynamic models (Wagner-Whitin, Zangwill, and Silver Meal), Stochastic Models, Multi-item joint replenishment problem, Multi-item Inventory Models with constrains, Inventory Management under risk will be covered
COURSE CONTENTS
WEEK
TOPICS
1st Week
Basic concepts of inventory, demand variety, delivery of projects
Basic Inventory Policies (Production Model, Production model with Shortages)
5th Week
Discount Models
6th Week
Dynamic models (Wagner-Whitin)
7th Week
Dynamic models (Zangwill ve Silver Meal)
8th Week
Stochastic Models
9th Week
Midterm
10th Week
Multi-item joint replenishment problem
11th Week
Multi-item Inventory Models with constrains
12th Week
Inventory Management under risk
13th Week
Project Presentations
14th Week
Project Presentations
RECOMENDED OR REQUIRED READING
(1) Narasimhan, S.L, McLeavey, D.W, Billington, P.J, (1995) Production Planning and Inventory Control, Prentice Hall; (2) Johnson, L.A, Montgomery, D.C, (1974) Operations Research in Production Planning, Scheduling, and Inventory Control, John Wiley & Sons.
