Chung [ 10 ] extended Chapman et al.
Reviewing the Literature of Inventory Models under Trade Credit Contact
Discrete Dynamics in Nature and Society. Since shortages affect the quantity ordered, particularly in a delay in payment model, they are of great significance in providing literature review on inventory models [ 15 ]. Respecting this fact, some of the studies carried out in the area of delayed payment have considered shortages, which are completely or partially backlogged.
Then, the papers are grouped based on whether they have considered none, one, two, or more of these six factors and are reviewed in detail.
Inventories are the materials stored either waiting for processing or experiencing processing and in some cases for future delivery. Thorsten Claus Since Considering the same model as Hwang and Shinn [ 14 ], Chung et al.
The purpose of this paper is reviewing the literature for inventory models with the second and the third types of delay in payment, mainly known as trade credit, and illustrating the limitations of the previous studies as well as the potential areas for extending this field of science for the other types of CI, please refer to Molamohamadi et al.
Moreover, the authors would like to thank the anonymous reviewers literature review on inventory models their constructive suggestions and comments which led to a significant improvement in the quality of the paper. Under one-part contract, the retailer must pay off within a prespecified period, while, literature review on inventory models the latter, as mentioned earlier, he can choose between paying the discounted cost in a shorter period or the full payment at the end of the net credit period.
International Journal of Industrial Engineering Computations, 3 4 In practice, some industries face extremely high shortage costs, which necessitate maintaining a specific level of inventory to prevent shortages.
Optimal lot sizing, process quality improvement and setup cost reduction. American Journal of Operations Research, 2, Sarkar [ ] developed an inventory system with finite replenishment rate, stock-dependent demand, and the production of defective items which follows Weibull distribution.
Hou and Lin [ ] presented an EOQ inventory model for deteriorating items under trade credit. Such a contract has attracted the attention of many researchers and practitioners in recent years. International Journal of Production Research, 2, — International Journal of Production Literature review on inventory models, Within the EOQ framework, Khouja and Mehrez [ 13 ] investigated the effect of different payment policies including trade credit modelz on the optimal order quantity when the credit terms are linked to the quantity of orders.
Two-part trade credit refers to the case that the supplier considers cash discount for paying within a specified period and due in a larger credit period. Reliability Type inventory modeling based on stochastic programming.
They assumed that the vendor provides full trade credit for orders greater than a literature review on inventory models amount and offers partial trade credit otherwise.
Onventory indicating the shortcomings of the proofs presented by Y. Operations Research, 29 4— Price-driven economic order systems from a thermodynamic point of view.
Discrete Dynamics in Nature and Society
Abstract The aim of liiterature work is not only to give an up-to-date review of perishable inventory models, but also of the joint key topics of publications from January until December in the research area of deteriorating inventory models.
Tsao and Sheen [ 67 ] developed an inventory model for deteriorating items with price and time sensitive demand to determine the optimal retail price, promotional effort, and replenishment quantity under dynamic decisions.
literature review on inventory models
Optimal inventory policy with reliability consideration and instantaneous receipt under imperfect production process. This chapter refers to the papers that considered two of the previously mentioned factors in their modeling assumptions.
A literature review on inventory modeling with reliability consideration » Growing Science
There are some other models including three or more factors in the model formulation to make it closer to the real world. An informal survey of multi-echelon inventory theory. The aim of this work is not only to give an up-to-date review of perishable inventory models, but also of the joint key topics of publications from January until December in the research area of deteriorating inventory models.