|APIC16||Pittman, P. et al., APICS Dictionary, 15th Edition, APICS, Chicago, IL, 2016|
|Bern99||Bernard, P., “Integrated Inventory Management,” John Wiley & Sons, New York, 1999|
|Brow67||Brown, R.G., “Decision Rules for Inventory Management,” Holt, Rinehart and Winston, New York, 1967|
|Cole00||Coleman, B.J., “Determining the Correct Service Level Target,” Production and Inventory Management Journal, 41(1) 2000, pp. 19–23|
|Chap06||Chapman, S., “The Fundamentals of Production Planning and Control,” Pearson Education, Upper Saddle River, NJ, 2006|
|Eilo62||Eilon, S., “Industrial Engineering Tables,” Van Nostrand, London, 1962|
|Eilo64||Eilon, S., “Tafeln und Tabellen für Wirtschaft und Industrie,” R. Oldenbourg, München, 1964|
|Nyhu91||Nyhuis, P., “Durchlauforientierte Losgrössenbestimmung,” Fortschrittberichte VDI, Reihe 2, No. 225, Düsseldorf, 1991|
|SiPy98||Silver, E.A., Pyke, D.F., Peterson, R., “Inventory Management and Production Planning and Scheduling,” 3rd Edition, John Wiley & Sons, New York, 1998|
|Stev14||Stevenson, W.J., “Operations Management,” 12th Edition, Irwin, Boston, 2014|
|Ters93||Tersine, R.J., “Principles of Inventory and Materials Management,” 4th Edition, Prentice Hall, North-Holland, New York, 1993|
Course 11: Sections and their intended learning outcomes
Course 11 – Inventory Management and Stochastic Materials Management
Intended learning outcomes: Describe usage statistics, analyses, and classifications. Explain in detail the order point technique. Disclose how to calculate safety stock. Differentiate various batch or lot sizing techniques.
11.1 Stores and Inventory Management
Intended learning outcomes: Present characteristic features of stores management. Produce an overview on inventory transactions. Describe physical inventory and inventory valuation.
11.2 Usage Statistics, ABC Classification, XYZ Classification, and Other Anlayses
Intended learning outcomes: Present statistics on inventory transactions, sales, and bid activities. Explain the ABC Classification and the Pareto Chart. Describe the XYZ Classification and Other Analyses and Statistics.
11.3 ROP (Re)-Order Point Technique, and Safety Stock Calculation
Intended learning outcomes: Explain the (re-)order point technique and variants thereof. Describe the safety stock calculation with continuous demand. Disclose the determination of the service level and the relation of service level to fill rate.
11.4 Batch Sizing, or Lot Sizing
Intended learning outcomes: Produce an overview on production or procurement costs, batch-size-dependent unit costs, setup and ordering costs, and carrying cost. Explain optimum batch size, optimum length of order cycle, the classic economic order quantity formally and in practical application. Disclose extensions of the batch size formula.
11.7 Scenarios and Exercises
Intended learning outcomes: Calculate examples for the ABC Classification. Disclose the ABC-XYZ analysis in materials management. Differentiate between safety stock variation and demand variation. Determine batch size depending on stockout costs. Assess the effectiveness of the order point technique.