A Neutrosophic Fuzzy Inventory Model with Deterioration and Encompassing Advance Payment with Time-Dependent Demand

In modern corporate settings, inventory modelling and management are critical topics. Advance payments play a pivotal role in inventory control. This paper adopts an EOQ model that incorporates advance payments, addressing the fluctuation of demand for a product over time for degrading items. To represent the time-dependence, a quadratic time-dependent demand function is employed for developing crisp models. Customer demand is influenced by various factors such as time, cost, quality, and stock availability. To manage the uncertainty in customer demand, triangular neutrosophic fuzzy numbers are considered. A corresponding neutrosophic fuzzy model is then formulated, where several parameters are expressed as neutrosophic fuzzy numbers. The Removal Area Method is utilized to crispify the fuzzy model, and Mathematica 7.0 is used to solve both the crisp and crispified neutrosophic fuzzy models for optimal cost. Numerical examples are provided to illustrate practical applications, potential advancements, and valuable management insights. Additionally, the paper highlights the importance of sensitivity analysis for key inventory parameters to aid managerial decision-making.