Track: Inventory Management

Abstract

Since the past century, when the first economic order quantity (EOQ) formula was introduced, many researchers have tried to develop and extend the first version to adapt with real world situations. One of these extensions is considering the inventory system in imprecise business and industrial environment. To do so, fuzzy set theory has fruitfully been integrated with EOQ models. This combination usually yields more complicated objective functions which have a complex structure and require a powerful method to optimize. These methods generally vary from mathematical techniques to artificial intelligence algorithms. The purpose of this research is to investigate, analyze and overview different methods, techniques, and algorithms that are used to optimize and solve the economic order quantity models. Regarding the reviewed studies, the results of this work help the inventory field researchers to identify the best novel method to solve their inventory models and choose the correct policy.