IE527 PRODUCTION AND INVENTORY THEORY
| Course Code: | 5680527 |
| METU Credit (Theoretical-Laboratory hours/week): | 3 (3.00 - 0.00) |
| ECTS Credit: | 8.0 |
| Department: | Industrial Engineering |
| Language of Instruction: | English |
| Level of Study: | Graduate |
| Course Coordinator: | Assoc.Prof.Dr. İSMAİL SERDAR BAKAL |
| Offered Semester: | Fall or Spring Semesters. |
Course Objectives
By the end of this course, students will:
- Develop a deep understanding of the theoretical foundations of inventory systems.
- Analyze both deterministic and stochastic models for managing inventory in single and multi-item environments.
- Evaluate strategies for coordinated replenishment in multi-item and multi-location systems.
- Explore and critique contemporary research trends and open problems in inventory theory.
Course Content
Structure of production-inventory systems. Deterministic and stochastic ordering decision models in continuous and periodic review systems. Coordinated replenishment of multiple items.(R)
Course Learning Outcomes
- Formulate mathematical models for deterministic and stochastic production–inventory systems.
- Solve continuous and periodic review inventory problems using specified analytical or computational methods, obtaining optimal or near-optimal solutions
- Design coordinated replenishment policies for multiple products and locations, demonstrating the ability to meet specified service level and cost criteria.
- Critically evaluate peer-reviewed research articles in production and inventory management, identifying strengths, limitations, and potential extensions.
- Present technical solutions and research findings in written reports and oral presentations
Program Outcomes Matrix
| Contribution | |||||
| # | Program Outcomes | No | Yes | ||
| 1 | Specialize with advanced knowledge in selected areas of Industrial Engineering; such as Production and Operations Management, Supply Chain Management, Business Analytics and Information Systems, Decision Sciences and Operational Research, Quality Management, Human Factors and Ergonomics, and Strategy and Industrial Economics. | ✔ | |||
| 2 | Have advanced ability to formulate and solve industrial engineering problems. | ✔ | |||
| 3 | Be able to systematically acquire new scientific knowledge to design and improve socio-technical systems. | ✔ | |||
| 4 | Be able to conduct scientific research in industrial engineering. | ✔ | |||
| 5 | Be able to apply critical reasoning in their professional careers. | ✔ | |||
| 6 | Appreciate the academics ethics. | ✔ | |||