This course addresses 7 learning objectives (linked to the intended learning outcomes of the IEM master programme, indicated by the numbers in brackets). After successful completion of the course, the student has understanding of:
- short-term demand forecasting [A3]
- basic and advanced models for inventory management at a single location [A3]
- the relation between stages in the supply chain and the logical consequences of inventory planning decisions in one stage of the supply chain for other stages [A3]
Further, the student is able to:
- construct and evaluate appropriate inventory control policies in a single stockpoint for a wide diversity of Stock Keeping Units [A3, A7]
- construct short-term demand forecasting models (time series analysis) and to evaluate its performance [A3, A7]
- link demand forecasting models to inventory models, and to plan replenishment decisions in a practical setting [A3, A4, A7, B1, B3]
- make a quantitative analysis of inventory allocation in multi-echelon supply chains for fast movers [A3, A7]
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This course covers demand forecasting and advanced models for inventory management of stock keeping units at a single site, as well as in multi-echelon supply chains. The large part of the course is built around a case at the distribution center of a well-known Dutch retailer. The students receive real historic sales data for a range of stock keeping units (SKUs) as well as cost data. The challenge is to identify appropriate forecasting and inventory control techniques given the specifics of each stock keeping units. The parameters of the demand forecasting models have to be estimated, and appropriate inventory control parameters have to be determined. The student’s performance is evaluated using additional demand data that will be revealed after the assignments have been submitted. To facilitate this analysis, a range of demand forecasting and inventory control policies is discussed in the theoretical part of the course. It is up to the students to select appropriate methods and to match them with the SKUs.
Further, inventory models will be extended to multi-echelon supply chains where the various stages should be appropriately linked. Topics are a.o. lot sizing in supply chains, safety inventories in supply chains, installation stock policies versus echelon stock policies, and inventory rationing in case of shortages.
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Bachelor students who have the possibility to follow a master course during their bachelor programme and would like to take this course can submit a motivated request no later than 14 days before the start of the quartile, containing:
- Study progress overview from Osiris
- Description of how the student meets the course’s prerequisites
- Approval of the programme director (or a delegate from the student’s bachelor programme) for following this master course
The request should be sent either to Niek van der Veen (email: n.vanderveen@utwente.nl) or Ellemijn Ensink (email: e.s.ensink@utwente.nl)
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This course consists of a written exam (70%) and several group assignments (30%).
Grades for exam and assignments should be at least 5.5, otherwise the lowest grade counts.
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