OIT 624:
Models and Applications of Inventory Management
The first part of the course reviews fundamental models in inventory management. Topics include deterministic models (EOQ, power-of-two policies, ELS, serial and assembly networks), Newsvendor, multi-period stochastic models under backlogging and lost-sales, multi-echelon and supply chain models, and infinite-horizon formulations. In the process, the course also reviews several fundamental mathematical concepts in inventory theory, including convexity, duality, finite / infinite state Markov decision processes, and comparative statics.nThe second part discusses advanced modeling concepts, and several new application areas. Topics include distribution-free and robust models, supply uncertainty and disruptions, flexibility and supply chain design, joint pricing and inventory, and problems at the interface of supply chains and finance.
Terms: Win
| Units: 3