Study Programme conducted in English at Molde University College 2010/2011

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LOG703 Models for inventory and production management 2

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Course Code
LOG703

Course Name
Models for inventory and production management 2

Credits
15.00

Prerequisites

LOG707 Fundamentals of Logistics or LOG706 Mathematical Modeling in Logistics, (or equivalent)

Semester
Spring

Location
Molde

Language Instruction
English

Language Assignments and Evaluation
English

Language Literature
English

Instruction
6 hours of lectures per week. The course also contains two full-week case studies.

Mandatory Assignments
It is mandatory to be present during the case studies

Evaluation
6 hours individual written final examination counts 60% of the final grade. The two compulsory assignments each count 5%. The cases each count 15%

Grades
Letter (A - F)

Learning outcome

The course is a continuation of topics covered in 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. The successfull student is expected to be able to identify, analyse and solve problems within the mentioned sub-fields and also be able to evaluate the solutions to such problems.

Content

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.

Literature

Edward A. Silver, David F. Pyke and Rein Peterson: Inventory Management and Production Planning and Scheduling. John Wiley and Sons.