Students manage a small hardware store and are responsible for inventory levels of up to three different products over a period of 12 simulated weeks. The exercise illustrates essential concepts in inventory management surrounding replenishment. Each week, students must decide how many units of each product to order based on holding costs, stockout costs, ordering costs, and variable demand. This exercise includes three configurable scenarios and an assessment quiz built in to the exercise.
- Manage inventory levels and replenishment decisions in the face of different demand patterns, holding costs, stockout costs, and ordering costs
- Develop an intuitive strategy for balancing holding costs against ordering costs while avoiding a stockout
- Understand the Economic Order Quantity (EOQ) and its role in basic inventory management
- Inventory Control
- Operations Management
Connect With A Specialist
Please fill out the form below to have a specialist contact you.