Review on EOQ Models for Instanteneous and Non-Instanteneous Deteriorating Items

This paper gives a review on the basic Economic Order Quantity (EOQ) model, which is used to improve management efficiency in modern businesses. Inventories are company’s assets, and as such, they constitute an investment. Because such investment necessitates a financial commitment, a company must keep enough inventories. For businesses with complex supply networks and production processes, balancing the risks of inventory gluts and shortages is extremely tough. To achieve these balances, businesses have devised inventory management techniques.