Inventory Management
Course Objective
This course empowers operations specialization students with advanced knowledge and digital tools to plan, control, and optimize inventory in diverse supply chain contexts. Emphasizing strategic alignment, cost-efficiency, responsiveness, and sustainability, the course combines quantitative models, real-time analytics, and enterprise systems to equip students with leadership and adaptability in inventory decisions.
Learning Outcomes
- Apply inventory classification, demand forecasting, and replenishment techniques.
- Use EOQ, safety stock, and service level models to drive optimal decisions.
- Leverage data analytics and ERP systems for real-time inventory visibility.
- Design lean, agile, and responsive inventory strategies.
- Lead inventory-related communication across procurement, production, and finance teams.
Inventory Management Syllabus T30
| Session No. | Topics | Tool/Reading/Activity | Skill Focus |
|---|---|---|---|
| 1 | Introduction to Inventory Management | Nahmias Ch.1, pp. 3–25 | Strategic Thinking |
| 2 | Types of Inventory & Strategic Role | Ch.2, pp. 27–49 | Inventory Classification |
| 3 | Inventory Cost Components & Trade-offs | Ch.3, pp. 51–73 | Cost Optimization |
| 4 | Economic Order Quantity (EOQ) Model | Ch.4, pp. 75–99 | Analytical Modelling |
| 5 | Quantity Discounts and Reorder Points | Ch.5, pp. 101–127 | Pricing Strategy |
| 6 | Safety Stock and Service Levels | Ch.6, pp. 129–150 | Reliability & Risk |
| 7 | Periodic Review Systems | Ch.7, pp. 151–176 | Cycle Optimization |
| 8 | ABC and Multi-Echelon Inventory Classification | Ch.8, pp. 177–202 | Segmentation & Prioritization |
| 9 | Forecasting for Inventory Management | Ch.9, pp. 203–230 | Data Analytics |
| 10 | ERP Systems and Inventory Modules | SAP/Oracle Demo | Digital Fluency |
| 11 | Inventory Planning in Manufacturing | Case Study | Production Integration |
| 12 | Retail Inventory and Bullwhip Effect | Simchi-Levi Ch.5, pp. 135–160 | Demand Variability |
| 13 | Inventory Turnover and Financial Metrics | Ch.10, pp. 231–250 | Performance Analysis |
| 14 | Inventory Control in Service Sector | Journal Article | Service Design |
| 15 | VMI, JIT and Lean Inventory Systems | Simchi-Levi Ch.8, pp. 210–235 | Lean Thinking |
| 16 | Inventory Optimization with Excel Solver | Lab Session | Quantitative Tools |
| 17 | Inventory Risk Management & Disruptions | Case: COVID-19 Supply Chain | Adaptability |
| 18 | Sustainability in Inventory Decisions | Reports & Articles | Green Operations |
| 19 | Emerging Tech: AI, IoT & RFID | Tech Reports | Innovation & Automation |
| 20 | Final Simulation/Project Presentations | Student Teams | Leadership Communication |
Textbook & Resources
Primary Textbook:
- Production and Operations Analysis by Steven Nahmias, 7th Edition
Supplementary:
- Simchi-Levi: Designing and Managing the Supply Chain