A literature review on models of inventory management under uncertainty

Abstract

Inventories are raw materials, work-in-process goods and completely finished goods that are considered to be the portion of business’s assets that are ready or will be ready for sale. Formulating a suitable inventory model is one of the major concerns for an industry. The earliest scientific inventory management researches date back to the second decade of the past century, but the interest in this scientific area is still great. Again considering the reliability of any process is an important feature in the research activities. Values of some factors are very hard to define or almost unreal. In such cases, fuzzy models of inventory management take an important place. This paper analyzes possible parameters of existing models of inventory control. An attempt is made to provide an up-to-date review of existing literature, concentrating on descriptions of the characteristics and types of inventory control models that have been developed.