Overview

In recent years, mathematical ideas have been used in different areas in real life problems, particularly for controlling inventory. One of the most important concerns of the management is to decide when and how much to order or to manufacture so that the total cost associated with the inventory system should be minimum. This is somewhat more important, when the inventory undergo decay or deterioration. Deterioration is defined as change, damage, decay, spoilage, obsolescence and loss of utility or loss of original value in commodity that results in the decreasing usefulness from the original one. It is well known that certain products such as vegetable, medicines, gasoline, blood and radioactive chemical decrease under deterioration during their normal storage period. As a result, while determining the optimal inventory policy of that type of products, the loss due to deterioration cannot be ignored.

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