Inventory Management - 4GUL0705

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Number of hours
- Lectures : 19.5
- Tutorials : 39.0
- Written tests : 3.0
ECTS : 6.0
Officials : Jean-Philippe GAYON

Goals

• Students must learn specific concepts and vocabulary so they can clearly express an inventory management problem.
• Understand inventory management problems with stochastic demand and/or lead-times and how to model such problems.
• Discover various inventory policies used in industry and how to evaluate and optimise such policies.
• Use written supports and documents (books, articles etc...)
• Put theory learnt into practice.
• Learn how to integrate inventory management in production planning.

Content

The course is divided into two parts.

• The first part (two thirds of the course) is a theoretical course on inventory management and forecasting methods.

Here are the main topics of the course:
-Wilson model - Economic Order Quantity (constant demand)
-Newsboy model (random demand)
-Changing demand in time and/or random demand
-Introduction to several inventory control policies
-Non-stationary models
-Introduction to stochastic dynamic programming
-Extensions to multi-echelon, multi-product, multi-class problems
-Forecasting methods: time series, stationary and non-stationary demand
-Beer game
-3 classes are dedicated to students presenting articles. The subjects are linked to inventory management and forecasting demand.

• The second part of the course (the remaining one third of the course) is an industrial case study on production planning process (with inventory constraints).