Operations research techniques
4 points * Second semester * Clayton * Prerequisites: MAT2020, MAS2011, MAS2032, MAS2042
The subject takes as its starting point inventory theory, but involves a number of techniques of more general use in operations research. Decision criteria; the elements of decision theory. Economic order quantity models: simple, production lot, back order models, stochastic EOQ models. Single period inventory models. Multi-period inventory models, applications of stochastic dynamic programming. Multi-product inventory models; constraints and their costs. Replacement models. Simulation of inventory problems. Allocation of resources.
Assessment
Examinations (1.5 hours): 90% * Tests and/or assignments: 10%
Recommended texts
Plossl G W Production and inventory control: Principles and techniques 2nd edn, Prentice-Hall, 1985
Turban E and Meridith J R Fundamentals of management science 4th edn, Business Publications, 1988