Neutrosophic Industry 5.0 Inventory Model with Technology Driven Demand and Costs Parameters

Abstract

In this age of technology, the manufacturing sectors are embracing the elements of industry 5.0 to setup a robust kind of production process. This research work proposes a novel neutrosophic production inventory model encompassing the cost parameters of technology inaddition to the conventional inventory costs. In this model the demand is expressed as function of technology of the form with the coefficients α, β and dealing with the initial demand, decrease in demand over time and increase in demand with the adoption of new technology. The neutrosophic model developed in this work addresses the decision circumstances of indeterminacy in addition to uncertainty. The primary objective of this paper is to introduce the notion of technology driven demand and new types of costs associated with technology in a neutrosophic modelling environment. The proposed neutrosophic model is simulated and sensitively analyzed to draw inferences of the parameters over the production quantity q(t). The efficiency of this neutrosophic model is determined on making comparative analysis with crisp data sets. The neutrosophic model possesses high degree of flexibility and applicability in technology dominant manufacturing firms facilitating the decision makers to design optimal solutions.