Introduction to Production Engineering

This lecture covers the fundamentals of production engineering and supply chain dynamics, including topics such as inventory theory, production flows, reliability analysis, and maintenance policies. It delves into the definitions of supply chain, manufacturing, and machine, as well as concepts like production rate, capacity, cycle time, and lead time. The instructor explores the manufacturing process, the black box approach to manufacturing chain modeling, and the perspectives of both supply chain and manufacturing systems. Additionally, the lecture discusses inventory management, optimal inventory policies, and inventory systems' flow dynamics.

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MICRO-406: Products design & systems engineering

This course will cover all the aspects of product design and system engineering from learning relevant methods to the actual implementation in a hands-on practice of product development.

Inventory theory

Material theory (or more formally the mathematical theory of inventory and production) is the sub-specialty within operations research and operations management that is concerned with the design of production/inventory systems to minimize costs: it studies the decisions faced by firms and the military in connection with manufacturing, warehousing, supply chains, spare part allocation and so on and provides the mathematical foundation for logistics.

Economic order quantity

Economic Order Quantity (EOQ), also known as Financial Purchase Quantity or Economic Buying Quantity (EPQ), is the order quantity that minimizes the total holding costs and ordering costs in inventory management. It is one of the oldest classical production scheduling models. The model was developed by Ford W. Harris in 1913, but R. H. Wilson, a consultant who applied it extensively, and K. Andler are given credit for their in-depth analysis.

Inventory

Inventory (American English) or stock (British English) refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. Inventory management is a discipline primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or within many locations of a supply network to precede the regular and planned course of production and stock of materials.

Field inventory management

Field inventory management commonly known as inventory management is the function of understanding the stock mix of a company and the different demands on that stock. The demands are influenced by both external and internal factors and are balanced by the creation of purchase order requests to keep supplies at a reasonable or prescribed level. Inventory management is important for every other business enterprise.

Vendor-managed inventory

Vendor-managed inventory (VMI) is an inventory management practice in which a supplier of goods, usually the manufacturer, is responsible for optimizing the inventory held by a distributor. Under VMI, the retailer shares their inventory data with a vendor (sometimes called supplier) such that the vendor is the decision-maker who determines the order size, whereas in traditional inventory management, the retailer (sometimes called distributor or buyer) makes his or her own decisions regarding the order size.

Inventory Control: Newsvendor MGT-526: Supply chain management

Covers inventory control focusing on the Newsvendor model and its extensions in uncertain demand scenarios.

Inventory Management Models ME-419: Production management

Explores inventory management models, including EOQ and Safety Stock, addressing demand and supply uncertainties.

Inventory Control: EOQ Model MGT-526: Supply chain management

Explores inventory management basics, EOQ model sensitivity, inventory decisions components, and supply chain strategies.

Inventory Control: Basics and Models MGT-526: Supply chain management

Explores inventory control basics, models, and cost calculations, emphasizing the impact of demand uncertainty and the trade-offs in inventory management.

Inventory Management: Principles and Models ME-419: Production management

Explores inventory management principles, decision variables, costs, and models like EOQ and EPQ, including challenges in implementing optimal order quantities.