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Inventory models for managing deteriorating products: a literature review
  • Freddy Perez,
  • Fidel Torres
Freddy Perez
Universidad de la Costa
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Fidel Torres
Universidad de los Andes
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Abstract

The problem of determining the economic order quantity has long attracted the attention of researchers, and several models have been developed to meet requirements under different circumstances at minimum cost. In the present paper, we conduct a structural content analysis of 317 selected peer-reviewed research articles that were published during the period 2001-2018 and ranked with a quartile score of Q1 by either ISI or Scopus database. By discussing the main topics of the inventory modeling literature, we provide a comprehensive view of the past research dealing with the management of deteriorating items. Here, we focus on items undergoing physical modification during the planning period, which encompasses a wide variety of products such as fresh produce, processed food, pharmaceuticals and blood products. Therefore, based on our holistic analysis, we identify new trends and we highlights crucial research opportunities to develop more comprehensive and practical models.