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MATH375 - Inventory Models and Systems

Course Details

Course Code: MATH375 Course ID: 4553 Credit Hours: 3 Level: Undergraduate

This course introduces students to the basic concepts and application of inventory management, its theory and practice. An understanding of the inventory management theory is essential to operations management, production planning and scheduling, and global supply and demand chain management. Inventory management is the heart of operations management in any industry. On upstream, it will dictate policies and procedures for procurement and material management. Its impact on downstream, especially in meeting the required service level, is a determinant factor in high service level which greatly impacts marketing and financial departments. In this course, we introduce quantitative methods of optimal inventory management in the context of operations management, forecasting, BOM, MPS, and ERP.





Prerequisites

Course Schedule

Registration Dates Course Dates Session Weeks
07/29/19 - 01/03/20 01/06/20 - 03/01/20 Winter 2020 Session B 8 Week session

Current Syllabi

After completing the course, the student should be able to:

  • CO-1: Describe the concepts, principles, and processes of operations management in a general business setting.
  • CO-2: Explain the benefits of forecasting and its role in inventory management.
  • CO-3: Describe the role of MRP and ERP systems in an inventory management system and inventory management model.
  • CO-4: Explain the objectives of inventory control and management.
  • CO-5: Apply the A-B-C approach to Inventory Management problems.
  • CO-6: Use the basic EOQ model to solve inventory problems.
  • CO-7: Apply the economic production quantity model to solve typical problems.
  • CO-8: Analyze quantity discount modeled systems to gain insight into inventory systems.
  • CO-9: Apply reorder point models to solve typical problems.
  • CO-10: Perform sensitivity analyses on basic inventory quantities.

Staying on task and adhering to the published schedule are typically among the most challenging aspects of completing an academic course successfully. This is especially true for online programs. To avoid the pitfall of falling behind, students in this course should complete all assigned activities each week. Student grades for the course will be based on class participation in the Forums, three graded quizzes, a midterm exam, and a final exam.

Class Participation: Naturally, I value punctuality, familiarity with the required readings, and classroom questions or comments that are relevant and insightful. Whether helping someone understand a point, seeking clarification of a concept you may not completely understand, or contributing to the positive flow of the class discussion based on your experience, it is important for you to realize that learning is an action process—and sharing is a key ingredient in undertaking that process successfully. Therefore, I urge you to participate actively and do your best to contribute to a positive and effective learning environment--for yourself and others.

I urge you to utilize the Question and Answer Forum as a means to interact with your classmates. If while working through examples or problems from our textbook you have a question or a comment, please post the question or comment in the Question and Answer Forum. Naturally, I hope that question and answers posted in the Question and Answer Forum will facilitate interactions among the members of our class.

Additionally, during weeks 1-8, I will pose a question within Forums. In weeks 1, 2 and 3, the Forum will be counted 5% each. It is imperative for you to answer the each of the questions. You are required to respond to these questions by making a post on the Forum by 11:55PM Eastern Time on Thursday during the week in which the question is posed. I will evaluate your responses to each of these questions using a 10 point scale, and your contribution to each of these five Forums will count as 5 percent of the overall course grade, for the first 3 Forums and 2% each for the last 5 Forums. Keep in mind that you need not necessarily answer a question correctly to earn full credit for your post. My evaluation will be based on the extent to which you participated and fostered a positive and effective learning environment--for yourself and others.

Participating and sharing are the keys. Collectively, I’m confident that we will derive the correct response to each of these discussion questions. To make a post to a Forum, click on the Forum topic link, and then click Post New Thread. In the title block of the dialog box that appears kindly insert your first and last name; compose your post in the message box; and then click Post Message. I will post the answers to these discussion questions by making a post myself after the Thursday 11:55PM Eastern Time deadline. At that time the Forum will be locked and no additional posts will be permitted. Naturally, I urge you to read my solution post, the posts of your classmates, and the feedback I provide. If you wish to continue to discuss a the question posed in a forum that has been locked, you can certainly do so by using the Message tool or the Q&A Forum to interact with the other members of our course.

The Week 1 Introduction Forum: During the first week of class each student must make a post to the Week 1 Introduction Forum. You are to use this Forum to introduce yourself and state your goals and objectives as they relate to our course. You are required to make a post to the Week 1 Introduction Forum in order to complete your enrollment in the course. Your post must be at least 250 words, and you must complete it by the end of the first week. This is a university requirement. To make a post to the Week 1 Introduction Forum, click on the Forum topic link, and then click Post New Thread. In the title block of the dialog box that appears kindly insert your first and last name; compose your post in the message box; and then click Post Message.

Besides completing your enrollment in the course, the Week 1 Introduction Forum is designed to 1) build peer-to-peer relationships by introducing oneself and one’s background to the class; 2) to articulate individual student learning goals and/or expectations for the class. Therefore, in your introduction you may wish to touch upon the following:

  1. Who you are and how you would like to be addressed.
  2. Your academic major or program of study.
  3. Your current status in your program of study.
  4. Your academic goals including why you are taking this course and what you hope to achieve by completing it.
  5. Other information about yourself that you would like to share and might help others to know you better.

Naturally, I will review every post made to the Week 1 Introduction Forum and award 2 percentage points of extra credit to every student making a post that promotes the aim of building peer-to-peer relationships and articulates one’s learning goals and aspirations with respect to our course. This will be the only extra credit provided in our course.

Quizzes and Examinations: The three graded quiz assignments are dispersed throughout the course. Each quiz will count as 10% of the course grade; the midterm will be counted 20%. The final exam will account for 25% of the course grade. Generally, the exams and quizzes will contain problems similar to those discussed in the suggested homework problems and the many examples given in our textbook. However, you should expect to be challenged by the graded exercises. Exams and quizzes will be conducted as indicated on the course schedule and students are expected to complete them on time. No late submissions will be accepted.

Specific instructions will be provided for each examination and quiz in the Lessons section of our classroom at the outset of the week in which these graded exercises are due. Each of these graded exercises is to be completed on an individual basis in Math Connect. You may consult published textbooks, articles, and other printed materials.

No collaboration is permitted on the examinations or quizzes. You are not to discuss, orally, in print—in any manner—any aspect of the graded exercises with anyone other than your instructor. Clearly, student-teacher relationships are built on trust. This is especially true in the case of an online course.

At the beginning of the week in which they are due, exams and quizzes will be posted in the Connect link in your classroom. When you are prepared to take an assessment go to Connect and click on the assessment. With the exception of the Final Exam, which is a 3 hour timed exam, all other graded assessments have no time limit. It is important for you to understand that you will be able to submit your answers to an assessment only once. Your answers must be submitted by the 11:55PM Eastern Time deadline, as indicated in the syllabus. I will not accept late submissions. So, please don’t wait until the last minute to submit your answers to a quiz or exam. As soon as you submit your answers your assessment will be graded, and your score will be recorded in the Gradebook. Twenty-four hours after the deadline and once everyone has submitted their answers, you can access the feedback by clicking on the assessment in the Tests & Quizzes section of our classroom. Naturally, if you answer any of the questions on an assessment incorrectly I urge you to review the feedback and reconcile any errors you may have made on a quiz or exam.

The Final Examination will be counted as 25% of the total grade. It will be a three hour, online, open-book, open-note exam. The final exam will cover all of the material presented during our course. You will be able to access the Final Exam only once. So, be sure to set aside a dedicated three hour period in which to complete it. You may not consult with any other person while taking the exam.

The notations used in mathematical work aren't found in many word processing programs, making it difficult to produce many of the symbols used in our course. You may wish to use the Symbol font in Microsoft Word and the Insert/Object/Microsoft Equation feature in Word when preparing documents related to our course. Insert/Symbol is also sometimes useful. Of course, you will also want to familiarize yourself with the Insert/Edit Equation feature contained in the Rich Text Editor that is available in the Rich Text Editor toolbar in our classroom. Additionally, since many of the computations and analyses required in our course can be easily carried out using Microsoft Excel, you may wish to familiarize yourself with the process whereby Excel outputs can be copied and pasted into a Word or pdf file.

Additionally, as noted above, 2 percentage points of extra credit will be awarded to every student making a proper post to the Week 1 Introduction Forum.

Students’ final grades will be posted within 7 days of the end of the semester. Please see the Student Handbook to reference the University’s grading scale.

Grades for the course will be based on the following.

NameGrade %
Introduction Forum 2.00 %
Introduction Forum 2.00 %
Forums 25.00 %
Forum 1 5.00 %
APUS Honor Code and Pledge 1.25 %
Forum 2 5.00 %
Forum 3 5.00 %
Forum 4 2.00 %
Forum 5 2.00 %
Forum 6 2.00 %
Forum 7 2.00 %
Forum 8 2.00 %
Quiz 30.00 %
Quiz 1 10.00 %
Quiz 2 10.00 %
Quiz 3 10.00 %
Midterm 20.00 %
Mid Term Exam 20.00 %
Final Exam 25.00 %
Final Exam 25.00 %

Operations Management, 11th ed - The VitalSource e-book is provided via the APUS Bookstore. The book will be delivered to ALL students in the electronic format, regardless of address location. Any overseas military students that have bandwidth or other access problems with these texts should contact booklist@apus.edu as soon as possible. If you wish to purchase the hard copy text, you may do so through the bookseller of your choice.

The e-book version of our text can be accessed directly at the following URL, which you may want to copy and add as a bookmark in your browser.
http://ebooks.apus.edu/MATH375/Stevenson_2010.html
The e-book is provided in Flash format, and Adobe Flash Player is required. This software is a free download at www.adobe.com. The e-book may be viewed online or printed. To learn more about how to use the e-book, you may want to view the Video Tutorial for using this e-book, which can be found at
http://mhlearningsolutions.com/apr/AmericanPublicUnivSystemeBook/eBookwalkthrough.html

Please report any e-book issues to ECM@apus.edu. Note that the e-book is being provided to you for your educational use only. You may not share or distribute these documents for personal or other use without violating copyright law. You may, however, freely copy and utilize this material for this and other APUS courses.

We will utilize Excel to perform many of the computations in our course. Microsoft Excel is required for this course. Students should have a basic familiarity with Excel and must have access to this software application.

All quizzes, tests and assignments will be in McGraw-Hill Connect.

Book Title:Operations Management, 11th ed - the VitalSource e-book and Connect access is provided inside the classroom
ISBN:9781308304557
Publication Info:VS-McGraw-Hill
Author:Stevenson, William
Unit Cost:$206.69
Electronic ISBN:1259438988
Electronic Unit Cost:$45.00

Previous Syllabi

Not current for future courses.