Literature Review On The Impact Of Inventory Models With Varied Costs

Abstract

This article provides a current analysis of recent developments in inventory management for perishable commodities, specifically focusing on things that degrade over time. Although the previous extensive reviews, such as the study conducted by Goyal and Giri in 2015, provide useful insights into the decline of inventory modelling, the ever-changing nature of this subject requires a new evaluation. The assessment conducted by Bakker, Riezebos, and Teunter on inventory management systems after 2001, together with Janssen, Claus, and Sauer's examination of deteriorating inventory models from 2012 to 2015, has established a foundation for comprehending the changing patterns in this field. Nevertheless, the significant increase of more than three hundred subsequent papers highlights the necessity for a revised analysis. This article focuses on recent research that emphasizes important themes and contributions in inventory management. It draws upon Goyal and Giri's categorization methodology, classifying inventory management approaches based on shelf-life and demand characteristics. Primary areas of emphasis encompass managing partial backlogging or missed sales, evaluating salvage value, and assessing the influence of inflation on inventory control systems.

This review offers a thorough comprehension of the current state of declining inventory management by combining and analyzing various literature sources. This resource is highly important for scholars, practitioners, and policymakers looking for insights into effective ways to control the inventory of perishable items.