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LOG722 Inventory Management

There will be emphasis placed on problems in management of inventory. Extensive quantitative models will be presented and used specifically in the formulation and solution of logistical problems. The successful student is expected to be able to identify, analyse and solve problems within the mentioned -field and also be able to evaluate the solutions to such problems.

Different inventory management principles and models for deterministic and stochastic demands including the Newsboy problem will be discussed. Emphasis will be placed on the differentiation of products in connection with inventory management and its consequences, more specifically different approaches for treating slow-moving articles.