Reviewing the Literature of Inventory Models under Trade Credit Contact

Author:

Molamohamadi Zohreh1,Ismail Napsiah1,Leman Zulkiflle1,Zulkifli Norzima1

Affiliation:

1. Department of Mechanical and Manufacturing Engineering, Universiti Putra Malaysia, 43300 Selangor, Malaysia

Abstract

In the classical inventory models, it was assumed that the buyer pays for the purchased items as they are received from the seller. In practice, however, the seller allows the buyer to settle the account with a delay period. Such a contract has attracted the attention of many researchers and practitioners in recent years. Thus, this paper addresses the researches with delay in payment and presents pertinent information about developments and extensions of such models to provide an up-to-date review of the studies conducted since 1973 and assist in developing the future researches.

Publisher

Hindawi Limited

Subject

Modeling and Simulation

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