Overall objectives:

O1 - Acquire a scientific basis for planning inventory needs, as well as understand the major reasons for holding inventories.
O2 - Know the different inventory management models and know how to contextualise their applicability according to the specificities of a given situation.
O3 - Identify the main inventory-related cost parameters.
O4 - Given the nature of the available data, understand the advantages and disadvantages of deterministic models and know when to use stochastic models, as well as understand continuous and periodic review policies.
O5 - Understand the interaction between the need for inventory management systems with decision-making models and forecast models.

Syllabus:

C1 - Introduction to inventory management (Description of inventory management systems; Safety stocks; Service levels; Inventory-related cost parameters; Independent vs dependent demand; Description of the main replenishment policies)
C2 - Deterministic models (Basic model and variants)
C3 - Stochastic models (Continuous review models; Periodic review models; Single-period models for perishable products; Performance measures)
C4 - Hierarchical systems (MRP system; LRP system; Just-in-Time)
C5 - Decision-making support systems (Information systems; ABC analysis; Forecast models)

Literature/Sources:

F. S. Hiller, G. J. Lieberman , 1990 , Introduction to Operations Research , McGraw-Hill
L. V. Tavares, F. N. Correia, I. H. Themido, R. C. Oliveira , 1997 , Investigação Operacional , McGraw-Hill
Heizer, J. and B. Render , 2004 , Operations management , New Jersey: Prentice-Hall

Assesssment methods and criteria:

Classification Type: Quantitativa (0-20)

Evaluation Methodology:
Expositive and participative classes. Creation of working groups for discussion sessions to present and discuss examples and cases. Problem solving, both individual and in group, for assimilation of the curricular unit contents. Incentive for self-study and research, with seek and identification of practical and real cases of application outside the classroom, stimulating students to their critical sense and decision making. The evaluation consists of the following two mandatory items: an individual test (50%) and a group work and final presentation of that work (50%). Any of the elements can be recovered at appeal time. With regard to evaluation special season the assessment shall comprise an overall examination.