Facts about the course
- ECTS Credits:
- Responsible department:
- Faculty of Logistics
- Course Leader:
- Johan Oppen
- Lecture Semester:
- Teaching language:
- ½ year
LOG722 Inventory Management (Autumn 2021)
About the course
The course will discuss inventory management principles and models both for fixed rate (deterministic) and uncertain (stochastic) demand. The models aim to develop ordering policies which balance the different types of costs such as ordering, holding and stock-out costs in various situations. Stochastic problems include the one-periodic News vendor problem and multi-period (Q,R)-models where order size and reorder point should be determined simultaneously. Emphasis will be placed on differentiation of products according to an ABC-analysis where different policies can be developed for different product types. Special models are presented for treating slow-moving and expensive articles.
The course is connected to the following study programs
- Master of Science in Logistics
- Experience-based Master in Logistics
- Exchange programme - Master's level
The same as for the MSc program in logistics
The student's learning outcomes after completing the course
The course focuses on problems in management of inventory. Extensive quantitative models will be presented and used in the formulation and solution of logistical problems.
The successful student should to be able to identify, analyse and solve problems within the mentioned field and also be able to evaluate the solutions to such problems.
Forms of teaching and learning
3 hours of lectures per week.
Coursework requirements - conditions for taking the exam
- Mandatory coursework: Assignment(s)
- Courseworks given: 2
- Courseworks required: 2
- Presence: Not required
Form of assessment: Digital school assessment - Inspera
Duration: 5 Hours
Grading scale: Letter (A - F)
Support material: All printed and written supporting material