COURSE UNIT TITLE

: INVENTORY THEORY

DEGREE PROGRAMMES

Description of Individual Course Units

Course Unit Code Course Unit Title Type Of Course D U L ECTS
STA 5086 INVENTORY THEORY ELECTIVE 3 0 0 8

Offered By

Graduate School of Natural and Applied Sciences

Level of Course Unit

Second Cycle Programmes (Master's Degree)

Course Coordinator

Offered to

Statistics
Statistics
STATISTICS

Course Objective

The objective of the course is to introduce fundamental elements associated with inventory theory and inventory control methods, and to cover an advanced level of inventory theory. The students who attend this course are expected to gain theoretical and practical skills about contemporary applications of both deterministic and stochastic inventory control methods in industry.

Learning Outcomes of the Course Unit

1   Defining basic concepts of inventory management
2   Defining inventory control methods
3   Constructing different mathematical models for inventory problems where demand is deterministic and probabilistic, respectively
4   Solving deterministic and probabilistic inventory models analytically
5   Interpreting the solutions of inventory models
6   Developing suggestions to know how the inventory systems works better for cost optimization

Mode of Delivery

Face -to- Face

Prerequisites and Co-requisites

None

Recomended Optional Programme Components

None

Course Contents

Week Subject Description
1 Introduction and basic concepts
2 Constant demand case. The Basic Economic Order Quantity Model, planned backorders The Continuous-Rate EOQ Model
3 Quantity discounts, The EOQ Model with Back Order Allowed
4 Several products and locations, Series systems, preparing individual assignments
5 Coordinated supply, economic lot scheduling
6 MRP, Evaluation: MRP versus JIT
7 MIDTERM
8 Stochastic demand case: Single-Period Decision Models, Policy evaluation: Poisson demand, base stock policies
9 Optimization
10 The general (r,q) model: continuous and discrete cases, preparing individual assignments
11 (R,S) Periodic Rewiew Policy, The ABC Inventory Classification System
12 Several items with stochastic demands, base stock policies, general (r,q) policies, preparing presentations
13 Series systems, preparing presentations
14 Series systems

Recomended or Required Reading

Textbook(s):
Paul H. Zipkin, Foundations of Inventory Management, McGraw Hill, 2000.
Evan L. Porteus, Foundations of Stochastic Inventory Theory, Stanford Univ. Press, 2002.
G.Hadley and T.M. Whitin, Analysis of Inventory Systems, Prentice-Hall, 1963.
Supplementary Book(s):

Planned Learning Activities and Teaching Methods

Lecture and problem solving.

Assessment Methods

SORTING NUMBER SHORT CODE LONG CODE FORMULA
1 MTE MIDTERM EXAM
2 ASG ASSIGNMENT
3 PRS PRESENTATION
4 FIN FINAL EXAM
5 FCG FINAL COURSE GRADE MTE* 0.30 + ASG * 0.20 + PRS * 0.10 + FIN * 0.40
6 RST RESIT
7 FCGR FINAL COURSE GRADE (RESIT) MTE* 0.30 + ASG * 0.20 + PRS * 0.10 + RST * 0.40


*** Resit Exam is Not Administered in Institutions Where Resit is not Applicable.

Further Notes About Assessment Methods

None

Assessment Criteria

Evaluation of exams, homeworks and presentations.

Language of Instruction

English

Course Policies and Rules

Attendance to at least 70% for the lectures is an essential requirement of this course and is the responsibility of the student. It is necessary that attendance to the lecture and homework delivery must be on time. Any unethical behavior that occurs either in presentations or in exams will be dealt with as outlined in school policy.

Contact Details for the Lecturer(s)

DEU Fen Fakültesi Istatistik Bölümü
e-mail: cengiz.celikoglu@deu.edu.tr
Tel: 0232 301 85 50

Office Hours

To be announced.

Work Placement(s)

None

Workload Calculation

Activities Number Time (hours) Total Work Load (hours)
Lectures 14 3 42
Preparing assignments 2 20 40
Preparing presentations 2 10 20
Preparation for midterm exam 1 15 15
Preparation for final exam 1 20 20
Preparations before/after weekly lectures 14 4 56
Final 1 2 2
Midterm 1 2 2
TOTAL WORKLOAD (hours) 197

Contribution of Learning Outcomes to Programme Outcomes

PO/LOPO.1PO.2PO.3PO.4PO.5PO.6PO.7PO.8PO.9PO.10
LO.1555
LO.2555
LO.3555
LO.4555
LO.5555
LO.6555

CONTACT INFORMATION
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Phone: +90(232) 412 12 12 - Fax: +90 (232) 464 81 35

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