ECTS - Inventory Management Models
Inventory Management Models (IE424) Course Detail
| Course Name | Course Code | Season | Lecture Hours | Application Hours | Lab Hours | Credit | ECTS |
|---|---|---|---|---|---|---|---|
| Inventory Management Models | IE424 | Area Elective | 3 | 0 | 0 | 3 | 5 |
| Pre-requisite Course(s) |
|---|
| IE307 |
| Course Language | English |
|---|---|
| Course Type | Elective Courses |
| Course Level | Bachelor’s Degree (First Cycle) |
| Mode of Delivery | Face To Face |
| Learning and Teaching Strategies | Lecture, Problem Solving. |
| Course Lecturer(s) |
|
| Course Objectives | The objectives of this course are to discuss the fundamentals of inventory management, to demonstrate the modeling and examination of inherently complex deterministic and stochastic inventory control and replenishment problems, to inform students about the existence of alternative solution methodologies in inventory planning and control, to enable students to have the sufficient ability to choose the most suitable inventory control and replenishment policy, and to be able to perform quantitative methods which have been proposed to determine the best possible decisions concerning when and how much to order by taking account of customer service levels and the trade-off among related cost measures. |
| Course Learning Outcomes |
The students who succeeded in this course;
|
| Course Content | The Fundamentals of Inventory Management, Single-Echelon Inventory Control and Replenishment Policies for a Single Item in case of Deterministic TimeInvariant, Deterministic Time-Varying and Stochastic Demand, Coordinated Replenishments for Multiple Items, MultiEchelon Inventory Planning |
Weekly Subjects and Releated Preparation Studies
| Week | Subjects | Preparation |
|---|---|---|
| 1 | Introduction to Inventory Management and Review of Economic Order Quantity (EOQ) Policy | Silver: 1st and 5th Chapter |
| 2 | Extensions to Economic Order Quantity (EOQ) Policy | Silver: 5th Chapter |
| 3 | Lot-Sizing for Individual Items with Time-Varying Demand | Silver: 6th Chapter |
| 4 | Inventory Control and Replenishment Policies in case of Stochastic Demand (Continuous-Review Reorder Point Policy ((s,Q) Policy)) | Silver: 7th Chapter |
| 5 | Inventory Control and Replenishment Policies in case of Stochastic Demand (Continuous-Review Reorder Point Policy ((s,Q) Policy)) | Silver: 7th Chapter |
| 6 | Inventory Control and Replenishment Policies in case of Stochastic Demand (Periodic-Review Order-Up-To Policy ((R,S) Policy)) | Silver: 7th Chapter |
| 7 | Silver: 8’inci Bölüm | Silver: 8th Chapter |
| 8 | Midterm Exam | |
| 9 | Inventory Management of Style Goods (Single-Item and Multiple-Item Newsvendor Problems) | Silver: 10th Chapter |
| 10 | Coordinated Replenishments (Deterministic Demand, Group Discounts) | Silver: 11th Chapter |
| 11 | Coordinated Replenishments (Stochastic Demand) – Can-Order Policy ((S,c,s) Policy) and Periodic-Review (R,S) System (Powers-of-Two Approach) | Silver: 11th Chapter |
| 12 | Economic Lot Scheduling Problem (Deterministic Time-Invariant and Time-Varying Demand) and Extensions | Silver: 11th Chapter |
| 13 | Supply Chain Management and Multi-Echelon Inventories (Deterministic Time-Invariant and Time-Varying Demand) | Silver: 12th Chapter |
| 14 | Supply Chain Management and Multi-Echelon Inventories (Stochastic Demand) – Base Stock System and Centralized Control System | Silver: 12th Chapter |
| 15 | Supply Chain Management and Multi-Echelon Inventories (Stochastic Demand) – Arborescent System | Silver: 12th Chapter |
| 16 | Final Exam |
Sources
| Course Book | 1. Silver, E.A., Pyke, D.F., and Peterson, R. (1998), Inventory Management and Production Planning and Scheduling, Third Edition, John Wiley & Sons. |
|---|---|
| Other Sources | 2. Axsater, S. (2006), Inventory Control, Kluwer Academic Publishers. |
| 3. Zipkin, P.H. (2000), Foundations of Inventory Management, McGraw-Hill, New York. | |
| 4. Nahmias, S. (2008), Production and Operations Analysis, 6th edition, McGraw-Hill Companies. |
Evaluation System
| Requirements | Number | Percentage of Grade |
|---|---|---|
| Attendance/Participation | 1 | 10 |
| Laboratory | - | - |
| Application | - | - |
| Field Work | - | - |
| Special Course Internship | - | - |
| Quizzes/Studio Critics | - | - |
| Homework Assignments | 3 | 20 |
| Presentation | - | - |
| Project | - | - |
| Report | - | - |
| Seminar | - | - |
| Midterms Exams/Midterms Jury | 1 | 30 |
| Final Exam/Final Jury | 1 | 40 |
| Toplam | 6 | 100 |
| Percentage of Semester Work | |
|---|---|
| Percentage of Final Work | 100 |
| Total | 100 |
Course Category
| Core Courses | |
|---|---|
| Major Area Courses | X |
| Supportive Courses | |
| Media and Managment Skills Courses | |
| Transferable Skill Courses |
The Relation Between Course Learning Competencies and Program Qualifications
| # | Program Qualifications / Competencies | Level of Contribution | ||||
|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | ||
| 1 | Gains adequate knowledge in mathematics, science, and relevant engineering disciplines and acquires the ability to use theoretical and applied knowledge in these fields to solve complex engineering problems. | X | ||||
| 2 | Gains the ability to identify, formulate, and solve complex engineering problems and the ability to select and apply appropriate analysis and modeling methods for this purpose. | X | ||||
| 3 | Gains the ability to design a complex system, process, device, or product under realistic constraints and conditions to meet specific requirements and to apply modern design methods for this purpose. | |||||
| 4 | Gains the ability to select and use modern techniques and tools necessary for the analysis and solution of complex engineering problems encountered in industrial engineering applications and the ability to use information technologies effectively. | X | ||||
| 5 | Gains the ability to design experiments, conduct experiments, collect data, analyze results, and interpret findings for investigating complex engineering problems or discipline specific research questions. | |||||
| 6 | Gains the ability to work effectively in intra-disciplinary and multi-disciplinary teams and the ability to work individually. | |||||
| 7 | Gains the ability to communicate effectively in written and oral form, acquires proficiency in at least one foreign language, the ability to write effective reports and understand written reports, prepare design and production reports, make effective presentations, and give and receive clear and intelligible instructions. | |||||
| 8 | Gains awareness of the need for lifelong learning and the ability to access information, follow developments in science and technology, and to continue to educate him/herself. | |||||
| 9 | Gains knowledge about behaviour in accordance with ethical principles, professional and ethical responsibility and standards used in industrial engineering applications | |||||
| 10 | Gains knowledge about business practices such as project management, risk management, and change management and develops awareness of entrepreneurship, innovation, and sustainable development. | |||||
| 11 | Gains knowledge about the global and social effects of industrial engineering practices on health, environment, and safety, and contemporary issues of the century reflected into the field of engineering; awareness of the legal consequences of engineering solutions. | |||||
| 12 | Gains skills in the design, development, implementation, and improvement of integrated systems involving human, material, information, equipment, and energy. | X | ||||
| 13 | Gains knowledge about appropriate analytical and experimental methods, as well as computational methods, for ensuring system integration. | X | ||||
ECTS/Workload Table
| Activities | Number | Duration (Hours) | Total Workload |
|---|---|---|---|
| Course Hours (Including Exam Week: 16 x Total Hours) | 16 | 3 | 48 |
| Laboratory | |||
| Application | |||
| Special Course Internship | |||
| Field Work | |||
| Study Hours Out of Class | 16 | 4 | 64 |
| Presentation/Seminar Prepration | |||
| Project | |||
| Report | |||
| Homework Assignments | 3 | 3 | 9 |
| Quizzes/Studio Critics | |||
| Prepration of Midterm Exams/Midterm Jury | 1 | 3 | 3 |
| Prepration of Final Exams/Final Jury | 1 | 3 | 3 |
| Total Workload | 127 | ||