Learning Objectives-Inventory_Ch.15

Learning Objectives-Inventory_Ch.15 - Richard T Farmer...

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Richard T. Farmer School of Business, Miami University Dr. X. Huang MGT 302: Operations Management Learning Objectives – Inventory Management Chapter 15 (Textbook: Section 15.1-15.9; Class Notes) Topics Learning Objectives Independent demand vs. dependent demand 1. Understand what “independent demand” and “dependent demand” are. Given a specific example, be able to distinguish them 2. Understand the characteristics of “replenishment” inventory management philosophy and “requirement” inventory management philosophy. Be able to distinguish them. 3. Understand under which circumstances, replenishment or requirement philosophies should be used. Given a specific business application, be able to choose the right philosophies. Introduction 1. Know what the three common types of inventories are. Understand what kind of demand (independent or dependent demand) each of these inventory types have. Be able to select the right inventory management philosophy (replenishment or requirement) for each inventory type.
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