Conclusions
This paper has discussed the key
characteristic of inventory systems that have been addressed by
researchers since the year 2001. It revealed, in general, that there has
been an incremental effort for representing reality using the inventory
modeling approach from a theoretical point of view, but with little
attention to its potential applicability. As a result, we found that the
gap between theory and practice is increasingly wide, and there is an
urgent need for incorporating more empirical evidence and useful
guidelines for practitioners in this important research field. This
recall us the famous aphorism attributed to George E. P. Box “all
models are wrong, but some are useful”, which highlights the importance
of developing good enough models for real life applications instead of
overrepresenting reality by increasing model complexity. Therefore, in
general, we call for the incorporation of more empirical evidence into
the modeling of inventory systems dealing with perishable products by
critically evaluating the trade-off between applicability, simplicity,
and level scientific technique. For a complete discussion of this three
aspects on scientific modeling, we suggest
[358].
Given the above concerns, it would be interesting to find out whether
the same is happening for perishable products subjects to obsolescence
(like electronics components and fashionable products), or even for
non-perishable products. If the gap between theory and practice is also
an increasingly growing phenomenon in the modeling of these types of
products, then it is likely that one or more concepts within the
inventory modeling framework have become “reified”. According to
Lane, Koka [359], reification is
problematic because it threatens the validity of studies using a
theoretical framework. A particular concept or construct becomes taken
for granted and researchers increasingly fail to specify the assumptions
that justify its use. To the inventory modeling literature, this would
means that some of the modeling characteristics commonly used to
represent inventory systems are being included or adapted out of context
in an increasing range of papers instead of being treated as a building
modeling approach that need to be constantly refined and revised. The
problem created by reification, thus, can only be addressed through a
systematic assessment of the literature in which the diverse
interpretations and applications of the construct are investigated along
with its underlying assumptions. Toward this aim, we recommend
consulting [359,
360] and the references cited therein.
The literature on inventory management also suggests additional ways in
which the models included in our review may be improved to obtain more
suitable inventory policies. For example, in most of these models, it is
assumed that the deterioration rate of perishable products is constant
over time. i.e., a constant fraction of the on-hand inventory is assumed
to spoil over time. Although this modeling approach was originally
proposed to accurately represent the deterioration nature of volatile
liquids and radioactive substances, it has also been extensively used by
researchers as an approximation to represent a great variety of
perishable products such as fresh produce. We agree that this modeling
approach is particularly useful when the spoilage of products comes from
multiple sources. However, there are still situations in which modeling
a time-varying deterioration rate may produce a better profitable
inventory policy. Similarly, exploring other topics of the inventory
management literature may be of great importance for extending the
existing literature. Such topics include the analysis of multiple
substitutes and/or complementary products, the study of different demand
patterns and marketing strategies for boosting demand, the inclusion of
fuzzy parameters and so on. Particularly, from all these, we consider
that applying Game theory to supply chain inventory models would be of
great benefit to promote an effective management, given the natural
competitive restriction in which operates company all around the world.
All these topics may be explored in future research.
As in previous review papers, we also found an overuse of deterministic
inventory models when compared to stochastic. Nevertheless, a deeper
analysis conducted in our review for deterministic inventory models has
revealed that there is still too much research needed in this research
stream. For example, in Section 4.2 we showed that most of the
deterministic inventory models have assumed that the demand is constant,
stock-dependent or price dependent. However, the interest for modeling
other factors, such as the freshness or quality of products, the
advertisement effort and the customer service level, has grown in recent
years. As would be anticipated, the study of such important factors
affecting the demand through the use of a stochastic inventory modeling
approach is still in its infancy. Also, with regards to the concern of
best capturing the deterioration nature of products for determining
suitable inventory policies, we have identified in Section 4.2 various
interesting modeling approach than can be further explored and evaluated
in future research. And not only in a deterministic inventory modeling
approach but in a stochastic setting.
Another finding comes from the fact that incorporating practical
insights from different but related research fields can be very
beneficial for developing the state of art of a particular research
stream. Accordingly, based on our analysis, we identified for each topic
discussed the few works that have been developed to guide such
integrated approaches. For example, even though queueing theory has been
studied extensively by many authors, as far as our analysis reveals,
only few studies [335,
344-346] have been address to unify
into the inventory modeling this important research streams.
Finally, throughout Section 4.2 of the present study, we also unveiled
various covered topics in which future research efforts may take the
lead. For example, since the call for research of previous literature
reviews [15,
17] to address the existence of
multiple items into the inventory modeling, an increasing volume of
papers have included this aspect. However, our analysis showed that the
effect of complementary and substitute products on lot-size
determination is still a critical research stream where more research is
needed. In particular, important new challenges are expected for food
supply chains in which actors, more than in other context, need to
collaborate in sharing information and deciding common lot sizing
strategy policies in order not only to achieve an overall profitability
but to achieve a sustainable development that minimizes food waste
concerns. Creating new approaches for considering sustainability
concerns into the lot sizing modeling is also, from our perspective, a
promising research area.
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Tables
Table
1 Number of records provided by each of the keywords search used.