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Virtual Guest Lecture on “A Primer on Inventory Optimization using Excel and Python

Virtual Guest Lecture on “A Primer on Inventory Optimization using Excel and Python

Event Name: Virtual Guest Lecture on “A Primer on Inventory Optimization using Excel and Python”

Objective: The objective of this guest lecture is to provide participants with a comprehensive understanding of inventory optimization, showcasing their practical applications through Excel and Python. The lecture aims to empower participants with hands-on proficiency in applying these tools to real-world scenarios, enhancing their data analysis capabilities for informed decision-making.

Outcome: Upon completing this guest lecture, participants will achieve the followingoutcomes:



  • 1.Knowledge Acquisition: Students will have a clearer understanding of inventory optimization principles and techniques. They will gain insights into the practical applications of inventory optimization in the real world. It will increase their confidence in tackling inventory-related challenges in their professional endeavors.
  • 2.Skill Enhancement: Students would have improved proficiency in using Excel and python programming for inventory optimization tasks, that will have a competitive edge over others during their interviews.

Report


On 10th August 2023, OP$-ERA – The Operations Club of SIBM-Hyderabad, under the guidance of Dr. Sri Yogi, organized a guest lecture on "A Primer on Inventory Optimization using Excel and Python", as a part of the Operations Analytics course for the MBA (Operations) Batch 2022-24.This lecture provided a comprehensive overview on the Inventory Optimization and its various principles &techniques. The lecturer touched upon some important conceptssuch as Economic Order Quantity (EOQ), Multi-item EOQ, Convolution, Forecasting, Inventory Ordering Policy and Service Levels. The lecturer also gave the students Hands-on Tasks on News Vendor Problem and Inventory Optimization Problem. So,these demonstrations using Python and Excel equipped attendees to apply these methods effectively. The lecturer's interactive approach fostered understanding, enhancing participants' data analysis skills. Overall, the session empowered the participants to leverage data-driven insights, benefiting businesses and decision processes.