- Describe the general features of stocks, their purpose and importance.
- Analyse the Economic Order Quantity (EOQ) that minimises costs.
- Analyse the best order size when model variables are known with certainty.
- Analyse the best order size when model variables are not known with certainty.
- Distinguish the different approaches to forecasting.
- Apply material requirements planning (MRP) to schedule orders and operations.
Modes of Assessment
Continual Assessment 100%
Upon successful completion of the modular unit, students will be awarded a Statement of Result which can count towards the attainment of the Diploma in Engineering (Operations & Systems Management).