Reviewing the Literature on Inventory Models with Permissible Delay in Payment

Document Type : Review Paper

Authors

1 Department of Industrial Engineering, Faculty of Engineering, Kharazmi University, Tehran, Iran

2 Department of Mathematics, Gujarat University, Ahmedabad, India

Abstract

Surviving in today’s competitive market requires applying some advanced managerial agreements. Trade credit is an agreement in which the vendor allows the buyer to defer payment until a predefined period. This agreed-upon period is called the credit period in the related literature, which has been considered by many researchers and scholars since 1973. This article aims to provide an up-to-date survey of the inventory models under permissible delay in payment since 2014 to help interested researchers find the literature gap and extend the borders of this area of study. For this purpose, six of the most significant factors that have been incorporated in trade credit models, including shortage, deterioration, two-level trade credit, order quantity-dependent trade credit, limited storage space, and inflation, have been considered to classify the formulated inventory models under permissible delay in payment. Moreover, the types of inventory models and trade credit have been reviewed to clarify the research areas that need more consideration.

Keywords

References

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Journal of Optimization and Supply Chain Management
Volume 1, Issue 1
September 2024
Pages 1-27

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