Centre for Operational Research and Logistics

Events and Seminars

Working Group

The Science of Making Better Decisions in Inventory Management and Forecasting

The Centre for Operational Research and Logistics (CORL) at the University of Portsmouth is offering the opportunity for companies to take part in its pilot industry workshop that will look at how decision making challenges in Inventory Mangement and Forecasting can be solved. Decisions are key to creating, maintaining and driving a successful business forward. More often than we would like, decisions need to be made quickly, leaving little time to consider the long term consequences and the impact on a business going forward.

The working group brings together industry partners and experts relating to decision making analysis to identify current challenges and discuss potential collaborations with a view to improving the long-term efficiency, effectiveness and quality of Inventory Management.

CORL members will be presenting the following topics:

Qiwei Hu: Optimization of Maintenance Spare Parts

Over the life of an asset spare parts can account for a significant cost. Hence, when deciding the level of spare parts inventory, there is a trade-off to be made between availability and affordability of spare parts. Overstocking increases costs and creates the risk of obsolescence, while understocking can result in unnecessary asset downtime. The critical issue in spare parts management is to answer two connected questions - what kind of and how many spare parts to store? Methods for solving this problem will be presented.

Xiang Song: Overview of Quantity Flexibility (QF) contracts within forward and reverse supply chains

In a Quantity Flexibility (QF) contract the customer can alter the volume of demand from one period to the next, within stipulated limits. This talk will explain the different types of QF contracts, what is understood about their performance and discuss the benefits they can bring.

Huijing Chen: Demand forecasting for fast-moving goods

It is challenging to accurately forecast fast-moving items when product variety increases and lifecycles shorten. But the rewards from better forecasts are significant inventory savings and improvements in service levels. This briefing will present some latest developments in trend and seasonal forecasting and show how they benefit business.

The workshop will include breakfast, an introduction to the expertise of the centre followed by a facilitated, open discussion on the ‘Challenges facing Inventory Management’.

Book now

Venue

Portland Building, Room PO1.51, University of Portsmouth


Date and Time

Wed, 8 July 2015, 08:30 - 10:30 (BST)


For further information or any enquiries please contact Dr Djamila Ouelhadj, at djamila.ouelhadj@port.ac.uk