Objectives

• Students will learn an exact analysis for relatively simple inventory models
• Students will learn what can be done via approximate performance evaluation when an exact performance evaluation is not possible.
• Students will learn about heuristics for cases where an exact optimization is not possible or has a too high computational complexity.
• Students will be exposed to open research problems.

Methodology
In this course, various quantitative/mathematical models for inventory problems are discussed.

Prerequisite

• Basic probability theory.
• Basic knowledge of Markov processes and queueing theory (M|M|1, M|G|¥, M|G|c|c queue). If you miss this part of the prerequisite, you can study chapters on these topics in a standard text book on Operations Research; see e.g. Chapter 17 on “Markov Chains” (up to and including Section 17.6, pp. 923-950) and Chapter 20 on “Queueing Theory” (up to and including Section 20.8, pp. 1051-1098) of Winston [2004], “Operations Research: Applications and Algorithms” (4-th edition), Brooks/Cole-Thomson Learning, Bement, CA, U.S.A.

More detailed information on the course: TRAIL OML Advanced Inventory Theory – 2018

Lecturers: Prof. Rommert Dekker and Prof. Geert-Jan van Houtum

Course dates: 14 & 28 March, 11 & 25 April 2018

Time: 10.00 -16.00 h.

Location:  Utrecht, Boswell-Beta, Laan van Puntenburg 2A

ECTS: 1 (attendance) – 4 (attendance + assignment)

Participation: free for TRAIL/Beta/OML members and PhD students of participating faculties

This course is part of the GP-OML program (www.GP-OML.nl)