Inventory Control and Production Planning (MAE833)

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School of Science

Academic Unit

Department of Mathematics

Level of Studies


Course Code




Course Title

Inventory Control and Production Planning

Independent Teaching Activities

Lectures (Weekly Teaching Hours: 3, Credits: 6)

Course Type

Special Background

Prerequisite Courses -
Language of Instruction and Examinations


Is the Course Offered to Erasmus Students


Course Website (URL) See eCourse, the Learning Management System maintained by the University of Ioannina.

Learning Outcomes

Learning outcomes

Upon successful completion of the course, students will:

  • understand the basic principles of control of production and inventory systems
  • understand the performance measures for production and inventory systems and how these measures affect systems cost
  • use appropriate tools to find cost-effective production and inventory policies
  • understand how the variability affects the systems performance.
General Competences
  • Working independently
  • Decision-making
  • Adapting to new situations
  • Production of free, creative and inductive thinking
  • Synthesis of data and information, with the use of the necessary technology


Introduction. Forecasting (Classical Demand Forecasting Methods, Forecast Accuracy, Machine Learning in Demand Forecasting, Demand Modeling Techniques). Deterministic Inventory Models (Continuous Review: Economic Order Quantity (EOQ) model, EOQ Model with Discounts, EOQ Model with shortages, Economic Production Quantity (EPQ) Model, Periodic review: Wagner-Whitin Algorithm). Stochastic Inventory Models (Continuous Review: Exact (r,Q) policy with Continuous Demand Distribution, Exact (r,Q) policy with Discrete Demand Distribution. Periodic Review with Zero Fixed Costs: Base Stock Policies, Periodic Review with Nonzero Fixed Costs: (s, S) Policies, Policy Optimality). Materials requirement planning (MRP)

Teaching and Learning Methods - Evaluation



Use of Information and Communications Technology


Teaching Methods
Activity Semester Workload
Lectures 39
Independent study 78
Fieldwork (3-4 set of homework) 33
Course total 150
Student Performance Evaluation

METHODS OF EVALUATION: Final exam (100%)

Attached Bibliography

See the official Eudoxus site or the local repository of Eudoxus lists per academic year, which is maintained by the Department of Mathematics. Books and other resources, not provided by Eudoxus:

  1. Ιωάννου, Γ., Διοίκηση Παραγωγής και Υπηρεσιών, Εκδόσεις Α. Σταμούλης, Αθήνα-Πειραιάς, 2005.
  2. Ξανθόπουλος Αλ., Κουλουριώτης Δημ., Διοίκηση παραγωγής και επιχειρησιακών λειτουργιών: σχεδιασμός, προγραμματισμός και έλεγχος σε συστήματα παραγωγής και υπηρεσιών, Εκδόσεις Τζιολα, 2019.
  3. Muckstadt, J. A., A. Sapra. Principles of Inventory Management When You Are Down to Four, Order More. Springer, 2010
  4. Nahmias, S., Production and Operations Analysis, McGraw-Hill: Series in Operations and Decision Sciences, 2009.
  5. Shenoy D. and R. Rosas. Problems & Solutions in Inventory Management. Springer, 2018
  6. Shim, J.K. and Siegel, J.G., Διοίκηση Εκμετάλλευσης (μεταφρ.), Εκδόσεις Κλειδάριθμος: Σειρά Οικονομία και Επιχείρηση, Αθήνα, 2002.
  7. Silver, E. A., D. F. Pike, and R. Peterson. Inventory Management and Production Planning and Scheduling, 3rd ed. Hoboken, NJ: Wiley, 1998.
  8. Snyder, L. V. and Z-J. M. Shen. Fundamentals of Supply Chain Theory, 2rd ed. John Wiley & Sons, Inc., 2019
  9. Tersine R. J. Διαχείριση υλικών και συστήματα αποθεμάτων (μεταφρ.), Εκδόσεις Παπαζηση ΑΕΒΕ, 1984
  10. Zipkin, P. Foundations of Inventory Management. McGraw-Hill/Irwin. 2000.
  11. Tersine R. J. Διαχείριση υλικών και συστήματα αποθεμάτων (μεταφρ.), Εκδόσεις Παπαζηση ΑΕΒΕ, 1984
  12. [Περιοδικό / Journal] Production and Operations Management
  13. [Περιοδικό / Journal] Production Planning and Control.