IE421 INVENTORY PLANNING PROBLEMS
| Course Code: | 5680421 |
| METU Credit (Theoretical-Laboratory hours/week): | 3 (3.00 - 0.00) |
| ECTS Credit: | 5.0 |
| Department: | Industrial Engineering |
| Language of Instruction: | English |
| Level of Study: | Undergraduate |
| Course Coordinator: | Assoc.Prof.Dr. İSMAİL SERDAR BAKAL |
| Offered Semester: | Fall or Spring Semesters. |
Course Objectives
At the end of the course, the students will
- comprehend basics of inventory management
- be equipped with the quantitative methods, basic tools and methodologies used to solve inventory planning problems
- become familiar the basics of coordinated replenishments at a single stocking point
- become familiar with multi-echelon inventory systems
Course Content
Definitions. Deterministic inventory problems. Deterministic inventory problems with constraints. Unconstrained, infinite horizon, stochastic demand continuous review problems. Single period, stochastic demand problems. (s,S) policies for periodic review, infinite horizon problems.
Course Learning Outcomes
- identify functions of inventory
- identify relevant performance measures
- identify inventory control policies
- optimize parameters of continuous review policies
- optimize parametrs of periodic review policies
- determine the structure of the optimal policy for certain inventory planning problems
- identify tradeoffs for coordinated replenishments
- identify the complexities in multi-echelon inventory systems
Program Outcomes Matrix
| Contribution | |||||
| # | Program Outcomes | No | Yes | ||
| 1 | An ability to identify, formulate, and solve complex engineering problems by applying principles of engineering, science, and mathematics | ✔ | |||
| 2 | An ability to apply engineering design to produce solutions that meet specified needs with consideration of public health, safety, and welfare, as well as global, cultural, social, environmental, and economic factors | ✔ | |||
| 3 | An ability to communicate effectively with a range of audiences | ✔ | |||
| 4 | An ability to recognize ethical and professional responsibilities in engineering situations and make informed judgments, which must consider the impact of engineering solutions in global, economic, environmental, and societal contexts | ✔ | |||
| 5 | An ability to function effectively on a team whose members together provide leadership, create a collaborative and inclusive environment, establish goals, plan tasks, and meet objectives | ✔ | |||
| 6 | An ability to develop and conduct appropriate experimentation, analyze and interpret data, and use engineering judgment to draw conclusions | ✔ | |||
| 7 | An ability to acquire and apply new knowledge as needed, using appropriate learning strategies | ✔ | |||
| 8 | An ability to design, analyze, operate, and improve integrated systems that produce and/or supply products and/or services in an effective, efficient, sustainable, and socially responsible manner | ✔ | |||
| 9 | An ability to apply critical reason and systems thinking in problem solving and systems design | ✔ | |||
| 10 | An ability to use scientific methods and tools (such as mathematical models, statistical methods and techniques) necessary for industrial engineering practice | ✔ | |||