OA3501 Inventory I

A study of deterministic and approximate stochastic inventory models. Deterministic economic lot size models with infinite production rate, constraints, quantity discounts. An approximate lot size-reorder point model with stochastic demand. An approximate stochastic periodic review model. Single period stochastic models. Applications to Navy supply systems.

Prerequisite

OA3101 or consent of instructor

Lecture Hours

4

Lab Hours

0

Course Learning Outcomes

• Students will familiarize themselves with the basic forecasting techniques including the series of Exponentially Weighted Moving Averages (Exponential Smoothing) techniques and Regression.

 

• Students will develop and learn the Deterministic Economic Order Quantity models that are used in replenishment systems.

 

• Students will learn the deterministic and discrete demand models for systems that do not require forecasting.

 

• Students will develop and learn the Continuous Review stochastic inventory replenishment models, including the Navy’s stochastic inventory models that take into account the repairable items.

 

• Students will develop and learn the stochastic retail models used in the Single Order systems.