Analyzing the Utility of Inventory Models in Different Domains

Inventory management is a crucial aspect of supply chain management, as it determines the efficiency and effectiveness of supply chains. Inventory models have been developed and implemented in various fields such as healthcare, manufacturing, agriculture, retail, and others. This systematic review aims to explore the applications of inventory models in different fields, their strengths, weaknesses, and future directions. The review employed a systematic search strategy, including electronic databases and hand-searching, to identify relevant articles. A total of 50 articles were included in the final review, and the findings revealed that inventory models have been used to optimize inventory levels, reduce costs, improve customer service, and manage uncertainties in different fields. However, the review also highlighted some limitations and gaps in the literature, such as the limited application of certain inventory models in some fields and the lack of studies on the integration of inventory models with other supply chain models. The review concludes with recommendations for future research to enhance the understanding and application of inventory models in different fields.