MATH375 Inventory Models and Systems (3 semester hours)

This course introduces students to the basic concepts and application of inventory management, its theory and practice. An understanding of the inventory management theory is essential to operations management, production planning and scheduling, and global supply and demand chain management. Inventory management is the heart of operations management in any industry. On upstream, it will dictate policies and procedures for procurement and material management. Its impact on downstream, especially in meeting the required service level, is a determinant factor in high service level which greatly impacts marketing and financial departments. In this course, we introduce quantitative methods of optimal inventory management in the context of operations management, forecasting, BOM, MPS, and ERP.