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DRPS : Course Catalogue : Business School : Common Courses (Management School)

Postgraduate Course: Inventory Analytics (CMSE11451)

Course Outline
SchoolBusiness School CollegeCollege of Arts, Humanities and Social Sciences
Credit level (Normal year taken)SCQF Level 11 (Postgraduate) AvailabilityNot available to visiting students
SCQF Credits10 ECTS Credits5
SummaryThis 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.
Course description 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)
Pre-requisites Co-requisites
Prohibited Combinations Other requirements None
Course Delivery Information
Not being delivered
Learning Outcomes
On completion of this course, the student will be able to:
  1. Describe deterministic as well as stochastic inventory systems.
  2. Measure inventory systems performance.
  3. Simulate inventory systems.
  4. Apply demand forecasting techniques.
  5. Apply mathematical modelling to manage inventory systems.
Reading List
Additional Information
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
KeywordsNot entered
Course organiserDr Roberto Rossi
Tel: (0131 6)51 5239
Course secretary
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