| CODE | SOR5341 | ||||||
| TITLE | Inventory Models | ||||||
| UM LEVEL | 05 - Postgraduate Modular Diploma or Degree Course | ||||||
| MQF LEVEL | Not Applicable | ||||||
| ECTS CREDITS | 8 | ||||||
| DEPARTMENT | Statistics and Operations Research | ||||||
| DESCRIPTION | Students taking this study-unit will be assigned a number of topics selected from the ones below which would cover topics of direct use to the particular student involved and which would make study-time demands commensurate with the number of credits being allotted: - Mathematical Definition of Inventory Systems - Deterministic Models     - Lot-Size Models     - Order-Level Models     - Time-Varying Demand     - Multi-Item and Multi-Location Models - Stochastic models     - Probabilistic Scheduling-Period models         - Order-Level Models without Leadtime         - Order-Level Models with Leadtime     - Probabilistic Reorder-Point Models         - Lot-Size Models without Leadtime         - Lot-Size Models with Leadtime     - Multi-Item Models with Stochastic Demand - Extensions - Simulation methods in Inventory Control Study-unit Aims Provide a sound background for those postgraduate students in probability, statistics and OR who would need knowledge of building and solving various Inventory Theory problems. They would also be encouraged to gain practical expertise in using Inventory Theory related algorithms in the course of computations related to research problems in the main areas of the department. Learning Outcomes 1. Knowledge & Understanding: By the end of the study-unit the student will be able to: - Understand the theoretical background and practical aspects of building Inventory Theory models. - Get to grips with the results needed to know how the corresponding algorithm works and why and when it fails. 2. Skills (including transferable [generic] skills): By the end of the study-unit the student will be able to: - Create and solve Inventory Theory models related to the area the department specializes in. - Use routines from standard software packages (MATLAB) and also specialized software to solve practical Inventory Control problems. Main Text/s and any supplementary readings Available in Library - Taha, H.A. (2007) Operations Research – An Introduction, Prentice Hall. - Winston, W.L. (2003) Operations Research - Applications and Algorithms, Duxbury Press. - Waters, C.D.J. (1992) Inventory Control and Management, John Wiley & Sons. - Pidd, M. (2004) Computer Simulation in Management Science, John Wiley & Sons. Available at Department - Naddor, E. (1966) Inventory Systems, Wiley. - Porteus, E.L. (2002) Foundations of Stochastic Inventory Theory, Stanford University Press. - Zipkin, P.H. (2000) Foundations of Inventory Management, McGraw Hill. - Woolsey, R.E.D. and Maurer, R. (2000) Inventory Control, Lionheart Publishing, Inc. |
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| ADDITIONAL NOTES | Pre-requisite Study-units: SOR2330, SOR3320, SOR3330 | ||||||
| STUDY-UNIT TYPE | Lecture | ||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Jaroslav Sklenar |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2025/6. It may be subject to change in subsequent years. |
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