Inventory Control (Unknown Demand) : Mitigating Demand Uncertainty With Statistical Modeling / Elizabeth Sharer.

Format:

Book

Author/Creator:

Sharer, Elizabeth, author.

Language:

English

Subjects (All):

Inventory control.

Inventory control--Automation.

Physical Description:

1 online resource

Other Title:

Inventory Control

Place of Publication:

Los Angeles, CA : SAGE Publications, Inc, 2024.

Summary:

This Data Challenge discusses inventory control policies when demand is uncertain, which necessitates the need to respond to reduced inventory quickly. Often the answer to this need is to hold buffer inventory, or safety stock. The Challenge gives students the opportunity to use statistics to calculate the optimal inventory order quantity. It also discusses multiperiod and single-period inventory policies with uncertain demand. Of the multiperiod inventory control policies, the Challenge presents two models. The first is the fixed order quantity model (Q-model) with safety stock employed in the reorder point. The second is the fixed time period model (P-model), which has safety stock included in the order quantity calculations. In this Challenge, students also learn about the single-period model and determining the optimal number of units to have available for sale. This Data Challenge would be appropriate for undergraduate students at the junior or senior level in a supply chain and operations management class or for MBA students who are taking their supply chain and operations management class. Students should have finished the chapter(s) on inventory management before starting on this Challenge and have an understanding of at least the fixed order quantity model (a.k.a. Q-model) with certain demand.

Notes:

Description based on publisher supplied metadata and other sources.

ISBN:

1-0719-7444-0

9781071974445

OCLC:

1465660611