Contents:

Nowadays, industrial companies gain competitive advantages through inventory management practices worldwide. In this regard, an important aspect of remaining competitive is to study and to manage the stocks. In essence, inventory management refers to overseeing and controlling of the ordering, storage and use of components that a company will use in the production of the items it sells as well as the overseeing and controlling of quantities of finished products for sale. Therefore, to achieve smooth production process while keeping the costs incurred at a minimum level, an effective inventory management is necessary.

The second part of the course connects the inventory management to concepts of demand forecasting and order policies in order to address the strategic level of decision making processes within the production plants and distribution centers.

After successfully completing the course, students should be able to:

• Differentiate models of inventory management
• Adapt theoretical knowledge of inventory management in practical problems
• Recognize the interrelation between strategic demand forecasting activities and the inventory management real-life practices

Prerequisites:

The course is designed for international Bachelor and Master students in with basic knowledge in the fields of Inventory Management and Demand Forecasting. Specific knowledge in Supply Chain Management is not required.