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Review of inventory systems with deterioration since 2001. (English) Zbl 1253.90017
Summary: We present 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 S. K. Goyal and B. C. Giri [ibid. 134, No. 1, 1–16 (2001; Zbl 0978.90004)]. 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.

MSC:
90B05 Inventory, storage, reservoirs
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