Recent trends in modeling of deteriorating inventory

This paper presents a review of the advances of deteriorating inventory literature since the early 1990s. The models available in the relevant literature have been suitably classified by the shelf-life characteristic of the inventoried goods. They have further been sub-classified on the basis of demand variatons and various other conditions or constraints. The motivations, extensions and generalizations of various models in each sub-class have been discussed in brief to bring out pertinent information regarding model developments in the last decade.