Management Study Program, Faculty of Economics and Business (FEB), Universitas Sebelas Maret (UNS), hosted a Guest Lecture Operation Research as part of the Visiting Professor Series under the Kompetisi Kampus Merdeka Program (PKKM) 2022. The agenda invited Prof. Daniel Chicksand from Birmingham Business School, UK, as the main speaker.

The guest lecture entitled ‘Guest Lecture Operation Research: Inventory Management’ was conducted on Thursday, December 1st, 2022, through the Zoom Cloud Meeting and was led by Dr. Yong Digiatmo as Moderator.

Opening the discussion, Prof. Chicksand reviewed the material delivered in the previous visiting professor session to start the discussion regarding production capacity. Inventory management aims to align companies’ production capacity to market demand. “Capacity can be defined as the quantity of product or service that can be provided by a company at a certain time. Therefore, inventory management can help to avoid unnecessary costs arising due to waste,” explained Prof. Chicksand.

In the first session, Prof. Chicksand explains the types of inventory and the advantage of inventory for a company. Meanwhile, in the second session, he explains more about inventory decisions, involving management decisions regarding the level of inventory, price, supplier, and purchasing period. The discussion also covers the Economic Order Quantity (EOQ) as well as other aspects that need to be considered in choosing suitable inventory technology.