Builds on LOG707 or LOG706, (or equivalent).
The course is a continuation of topics covered in LOG501 / LOG707, plus some new topics. There will be emphasis placed on problems in the management of inventory and production control. In addition, extensive quantitative models in the aforementioned areas will be presented and used specifically in the formulation and solution of logistical problems.
Different inventory management principles and models for deterministic and stochastic demands including the Newsboy problem will be discussed. Emphasis will be placed on the differentiation of products in connection with inventory management and its consequences, more specifically different approaches for treating slow-moving articles. In production planning, sequential planning, Little's law and line balancing will be treated.
