Neutrosophic Optimization of Industry 4.0 Production Inventory Model

Abstract

In this age of information, the industrial sectors are embedding its functioning principles
with the components of Industry 4.0. This article proposes a production inventory model discussing
the paradigm shift towards smart production process involving many new cost parameters in
addition to the conventional inventory costs. The proposed Industry 4.0 production inventory model
is discoursed and compared in both deterministic and neutrosophic environments. The trapezoidal
neutrosophic number representation of the parameters enhances the efficiency of the model in
determining the optimal order time that minimizes the total costs. The model is highly
comprehensive in nature and it is validated with a numerical example