Inventory Models and Network Modeling

Optimising complex processes, systems and organisations is at the heart of industrial engineering and this free online course in ‘Inventory Models and Network Modelling’ teaches you the fundamental theories and applications of inventories as well as the network modelling approach. You will learn about the economic order quantity (EOQ) model that can be applied in consumption, as well as the demand rate situation. The EOQ model can be used  where demand is not fixed and this technique and its effectiveness in production, is covered in-depth.

You will also be introduced to network modelling project management, as well as the PERT (program, evaluation, review, technique) model and its applications. Cost minimization, resource utilisation as well as the maximisation of productivity and output using the PERT model will be highlighted. You will also learn how to determine the probability for completion of the project at a particular time, as well as how to calculate the various time-values and total project duration.

This course analyses different inventory models for optimisation, determining the critical path method, and how to estimate ‘optimistic’ and ‘pessimistic’ times. If you want to know how to control inventory in manufacturing industries, how to manage systems and put together realistic timelines, register now and start studying today.