What This Document Is
This is a practice set designed to test your understanding of core inventory management principles within the context of an Operations Management course. It focuses on applying theoretical concepts to practical business scenarios, requiring calculations and analytical thinking. The set covers a range of inventory models and decision-making processes commonly encountered in supply chain management.
Why This Document Matters
This practice set is invaluable for students preparing for assessments in Operations Management, particularly those focusing on inventory control. It’s ideal for reinforcing your learning after covering topics like Economic Order Quantity (EOQ), reorder points, safety stock calculations, and the impact of costs on inventory decisions. Working through these problems will help you build confidence and identify areas where you may need further review before an exam or quiz. It’s particularly useful for students at the University of Southern California enrolled in BUAD 311.
Common Limitations or Challenges
This practice set does *not* provide step-by-step solutions or fully worked-out examples. It presents a series of problems that require you to independently apply the formulas and concepts learned in class. It assumes a foundational understanding of inventory management terminology and calculations. It also doesn’t cover all possible inventory scenarios; it focuses on a specific set of common models and challenges.
What This Document Provides
* A series of quantitative problems related to inventory control.
* Scenarios involving different cost structures (ordering, holding, shortage).
* Problems requiring calculations of optimal order quantities and reorder points.
* Situations involving demand uncertainty and service level considerations.
* Exercises exploring the impact of varying parameters (interest rates, lead times) on inventory decisions.
* Problems related to newsvendor models and single-period inventory decisions.
* Application of EOQ models with varying costs.
