Inventory management
Dr Richard Egudo
6 points * First semester * 5 hours per week * Gippsland/Distance (odd-numbered years only) * Prerequisites: GAS1631, GAS1711 (and subject GAS1831 is desirable) * Prohibitions: MAS3232
Objectives Students will review and achieve basic understanding of the importance of management and control of inventories; review and apply the principles of ABC (Pareto) classification of inventory; achieve a basic understanding of the issues involved in the selection of measures of customer service level performance; acquire ability to develop and apply mathematical models in the determination of inventory order sizes and reorder points; to discuss and derive inventory reorder point models for stochastic demand processes; achieve understanding of the nature of dependent demand and acquire skills to apply a variety of methods to determine how much to order and when to place orders; acquire skills to apply materials requirement planning (MRP) method and develop ability to use MRP software in inventory managment systems; review just-in-time, in-process and theory of constraints concepts and issues therein; develop ability and acquire skills for determining inventory distribution systems.
Synopsis This subject aims to study inventory control systems and their impact on efficient management of materials. Topics include forecasting and market analysis; independent demand systems - deterministic and probabilistic models; discrete demand systems - deterministic models; inventory system changes and limitations; dependent demand systems - materials requirements planning (MRP), just-in-time and in-process inventory; distribution inventory systems; aggregate inventory control. For Gippsland students, the program will usually involve three hours of lectures plus a two-hour tutorial/workshop per week. The tutorial/workshop will involve case studies, problem solving and use of computer software. For distance students, detailed study guides will be issued. Once a month during the semester, weekend schools will be organised that will provide the opportunity for formal lectures and tutorials.
Assessment Assignments: 40% * Examination: 60%
Prescribed texts
Tersine R S Principles of inventory and materials management Prentice-Hall, 1994
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