What you'll learn
- Deciding about economic order quantity that minimizes the overall cost.
- Deciding about safety stock to handle uncertainties.
- Deciding about economic lot size in batch production system.
- Optimization under some special situations related to inventory control.
- Deciding under mutually conflicting objectives.
- Street smart approach in decision making.
- None. Basic understanding of differential calculus can be advantageous
In quantitative inventory management, values and behavior of various variables like demand, costs etc. are estimated based on data and mathematical modelling techniques. There is always some doubt in the mind of managers about the accuracy of estimated values. This course provides intuitive solution to these aspects by deriving some thumb rules to understand whether a decision moves the system towards optimal or away from it.
This course discusses about costs in inventory management, optimization of costs, does some post optimal analysis and derives some street smart approach to take optimization decisions without getting into much mathematical calculations.
The focus is mainly on single item deterministic model with constant demand and lead time. Then, it builds other important concepts for inventory management and improvises to deal with uncertainty in demand.
This course doesn't discuss about any logistics or materials management software tool. Tool specific learning makes one understand the features of a software tool instead of understanding the core concept of inventory management. Features of the tool keep changing from tool to tool making the acquired knowledge very specific to the tool. A student with proper understanding of concept can easily related the features of the tool with these concepts and can use them smartly. So, join and enjoy the concepts.
Who this course is for:
- Students of Production and Operations Management.
- People Aspiring for Jobs Needing Operations Research Knowledge.
- Practicing Production Managers.
- Someone Interested in Optimization Techniques.
- Finance Students
I am a graduate from Indian Institute of Technology, Kharagpur and a Ph. D. from Jharkhand Rai University, Ranchi, India. I enjoy teaching Operations Research and Applied Mathematics to students at different levels. My main engagement is with Insurance professionals who need to apply data science and related concepts extensively in their area of work.
These subjects can be learnt best when done in intuitive way. I prefer to focus on logic and try to get to the nuances of mathematical concepts.