OPM610 - Production Planning and Inventory Management
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|Last revision date||May 25, 2015 12:05:25 AM|
|Last review date||Aug 3, 2015 12:15:03 AM|
Production Planning and Inventory Management
OPM 610 introduces the student to Inventory Management, Production Planning Techniques and Lean Production Principles. Besic statistical tools that enable effective decision making in production and supply chain situations are also examined. A major challenge today in industry is the effective management of inventory. While inventory is necessary for most firms, maintaining the optimum type and quantity is a constant dilemma. Students will learn how to effectively manage inventory in order to optimize operational performance.
This is a core subject for the BAD Operations Management specialization, as well as a Professional Option for 5th and 6th semester students of other programs.
Upon successful completion of this subject the student will be able to:
1. Calculate various measures of location and dispersion, including the mean, median, mode, standard deviation, and variance.
2. Recognize normal distribution problems and know how to solve such problems by calculating the z-value corresponding to any observation on a normal distribution.
3. Demonstrate an understanding of the characteristics and origins of Lean Production.
4. Calculate aggregate inventory levels using different strategies.
5. Explain the Theory of Constraints, and how to manage bottlenecks.
6. Compare and contrast the various types and functions of inventory.
7. Calculate and cost out optimum order quantities under level demand conditions.
8. Use fixed order quantity and fixed time period models to solve inventory problems.
9. Apply the logic of MRP, and how it can be used to plan inventories, how to schedule receipt of materials and to meet delivery dates.
Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.
To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on http://library.senecacollege.ca for further information regarding cheating and plagiarism policies and procedures.
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Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.