Deterministic and Stochastic Inventory Models in Production Systems: a Review of the Literature

Inventory modeling allows understanding and knowing the behavior of production systems, based on the construction, solution and analysis of a representation of the real world, which allows an adequate management of the operations of any type of company or chain network. the objective of this research is focused on a literature review of deterministic and stochastic inventory models in production systems. A methodology based on three (3) stages is proposed: (i) design of the search, which includes guiding questions, sources of information and search strategies; (ii) selection process, which considers the selected studies and the inclusion and exclusion criteria; and (iii) synthesis, where the established questions are analyzed and answered. The findings show that there is scientific interest in different types of inventory models in an independent and hybrid way, more specifically in deterministic service systems with Economic Production Quantity (EPQ), Queue Model (QM) and Optimization-Linear Programming (OP) models and in stochastic supply chain management with Optimization OPT and SImulation (SIM) models. A more detailed study showed an inclination towards article-type products, with low frequency of literature review type, which makes the development of the present work attractive and interesting. The research suggests future avenues based on common characteristics, problems addressed and frequent variables, solution techniques and additional perspectives or recommendations from recent and relevant authors in the literature are framed to support decision making.