Postgraduate Course: Inventory Analytics (CMSE11451)
||College||College of Arts, Humanities and Social Sciences
|Credit level (Normal year taken)||SCQF Level 11 (Postgraduate)
||Availability||Not available to visiting students
|Summary||This course introduces students to principle and practice of Inventory Analytics. Inventory management represents a central activity in business and manufacturing. Being able to forecast customer's demand, to decide when to order/produce and how much to produce, where to locate inventories, etc. are essential skills for managers.
Aims, Nature, Context
This course introduces students to the field of inventory management and illustrates descriptive, predictive, and prescriptive analytics techniques in production planning and scheduling.
After the completion of this course the student will be able to
- describe deterministic as well as stochastic inventory systems
- measure inventory systems performance
- simulate inventory systems
- apply demand forecasting techniques
- apply mathematical modelling to manage inventory systems
Student Learning Experience
Teaching will take the form of class lectures/workshops. Part of the lectures will be research-led and based on recent works from the academic literature. All workshop sessions will be interactive and students will learn how to employ state-of-the-art mathematical programming tools, e.g. IBM OPL, in the context of practical problems faced by inventory managers.
Beside attending lectures, students will also work independently on an individual report in which they must tackle an inventory control problem by using selected techniques among those presented during the lectures.
Entry Requirements (not applicable to Visiting Students)
||Other requirements|| None
Course Delivery Information
|Not being delivered|
On completion of this course, the student will be able to:
- Describe deterministic as well as stochastic inventory systems.
- Measure inventory systems performance.
- Simulate inventory systems.
- Apply demand forecasting techniques.
- Apply mathematical modelling to manage inventory systems.
|Graduate Attributes and Skills
||Knowledge and understanding:
- gain a critical understanding of key concepts in inventory management: demand, lead-time, costs, service measures, inventory level, inventory positions etc.
- illustrate and contrast typical decision-making issues faced by inventory managers
Practice: Applied knowledge, skills and understanding:
- experience practical issues faced by inventory managers
- be able to apply forecasting techniques to estimate customer demand
- be able to develop simulation and optimization models for inventory control
Generic cognitive skills:
- Develop original and creative solutions to problems arising in the context of inventory control
- Make informed judgements in the context of inventory control problems when data/information is incomplete or absent
Communication, numeracy and ICT skills:
- apply state-of-the-art tools, e.g. IBM ILOG OPL studio, to tackle planning/operations problems in inventory management
Autonomy, accountability and working with others:
- collaborate in small groups to analyze an contemporary academic paper in the area of inventory management
- illustrate and critically justify planning/operational decisions to a peer audience
|Course organiser||Dr Roberto Rossi
Tel: (0131 6)51 5239