Review of inventory systems with deterioration since 2001

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Abstract

This paper presents an up-to-date review of the advances made in the field of inventory control of perishable items (deteriorating inventory). The last extensive review on this topic dates back to 2001 (Goyal S.K. and Giri B.C., Recent trends in modeling of deteriorating inventory, European Journal of Operational Research, 134, 1-16). Since then, over two hundred articles on this subject have been published in the major journals on inventory control, indicating the need for a new review. We use the classification of Goyal and Giri based on shelf life characteristics and demand characteristics. Contributions are highlighted by discussing main system characteristics, including price discounts, backordering or lost sales, single or multiple items, one or two warehouses, single or multi-echelon, average cost or discounted cash flow, and payment delay. (C) 2012 Elsevier B.V. All rights reserved.

Original languageEnglish
Pages (from-to)275 - 284
Number of pages10
JournalEuropean Journal of Operational Research
Volume221
Issue number2
DOIs
Publication statusPublished - 1-Sep-2012

Keywords

  • Inventory control
  • Deteriorating items
  • Perishability
  • Shelf life
  • Decay
  • Review
  • TIME-VARYING DEMAND
  • RAMP-TYPE DEMAND
  • OPTIMAL REPLENISHMENT POLICY
  • LOT-SIZE MODELS
  • ECONOMIC ORDER QUANTITY
  • STOCK-DEPENDENT DEMAND
  • UNIT PRODUCTION COST
  • WEIBULL DISTRIBUTION DETERIORATION
  • EOQ MODEL
  • PERISHABLE INVENTORY

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