Curricular Unit: | Code: | ||

Inventory Management | 987GSTK | ||

Year: | Level: | Course: | Credits: |

2 | Undergraduate | Business Sciences | 4 ects |

Learning Period: | Language of Instruction: | Total Hours: | |

Winter Semester | Portuguese/English | 52 | |

Learning Outcomes of the Curricular Unit: | |||

The course goal is to provide students with knowledge and techniques that allows participating active and efficiently in firms’ inventory management. Upon completion of the course students will be able to identify and use the sources of information for inventory management and to apply different inventory models in the appropriate context. | |||

Syllabus: | |||

The syllabus presented covers the essential areas of knowledge and consistently achieves the objectives. In particular: (1) Information for inventory control: Importance of inventory control; types of inventory; inventory costs; ABC analysis; forecasting demand. (2) Methods for independent and deterministic demand: instant order replenishment with and without shortages; no instant order replenishment with and without shortages; non-zero lead time; price breaks. (3) Methods for independent and stochastic demand: continuous-review models; periodic-review models. | |||

Demonstration of the Syllabus Coherence with the Curricular Unit's Objectives: | |||

1 Information for inventory control. Students will be able to discuss reasons for holding inventories, to identify the sources of information, to describe the costs of inventories, to perform the ABC analysis, to forecast demand 2 Economic quantity models for independent and deterministic demand. Students will be able to distinguish methods for inventory management, to identify situations of application of the different versions of the model, to determine the optimal inventory policy (OIP) 3. Economic quantity models for independent and stochastic demand. Students will be able to recognise the types of uncertainty, to determine the OIP with continuous (safety stock) and cyclical review (target stock) | |||

Teaching Methodologies (Including Evaluation): | |||

The course resorts to theoretical presentations, conceptual clarification, calculus and graphical analysis. Lessons combine theory and practice, and case-study scenarios are analysed. Assessment is based on two midterm tests (50% + 50%). | |||

Demonstration of the Coherence between the Teaching Methodologies and the Learning Outcomes: | |||

The combination of theoretical presentations and problem solving tasks enables students to acquire specific theoretic knowledge in inventory management, as well as to practice its application to specific case-scenarios. | |||

Reading: | |||

Carvalho, J. C. Eds. (2017). Logística e Gestão da Cadeia de Abastecimento, 2ª Ed. Lisboa: Edições Sílabo. Reis, R. L. (2010). Manual de Gestão de Stocks – Teoria e Prática, 3ª Ed. Lisboa: Editorial Presença. Taylor III, B. W. (2019). Introduction to Management Science, 13/e. New Jersey: Pearson. Themido, I. H., Tavares L.V., Oliveira, R.C. e Correia, F.N. (1996). Investigação Operacional. Lisboa: McGraw Hill Portugal. Waters, Donald (2003). Inventory Control and Management, 2nd Edition. West Sussex: John Wiley and Sons. Meios informáticos utilizados: A B-On será a base de dados privilegiada de trabalho, investigação e pesquisa. E.g. Nemtajela, N. and Mbohwa, C. (2016). "Inventory management models and their effects on uncertain demand," 2016 IEEE International Conference on Industrial Engineering and Engineering Management (IEEM), Bali, 2016, pp. 1046-1049. doi: 10.1109/IEEM.2016.7798037. |