An application of neutrosophic logic on an inventory model with two-level partial trade credit policy for time-dependent perishable products

Fuzzy and neutrosophic sets are two effective tools to deal with the ambiguities and uncertainties present in real-world problems. To deal with the uncertainties of a real-world scenario, a neutrosophic set is better equipped than a fuzzy set. In this article, we develop a neutrosophic economic order quantity (EOQ) inventory model with the assumption that the market demand is sensitive to the retail price and promotional effort. The supplier and retailer both adopt a partial trade credit policy. We include preservation technology to restrict normal deterioration. We analyse the crisp model first, and then, neutrosophic logic is implemented in the proposed model. De-neutrosophication of total neutrosophic profit is performed based on the removal area approach. The present investigation yields that the de-neutrosophic value of the profit function is convex, that is, a unique solution exists. Mathematical outcomes are generated to efficiently determine the optimal inventory policy for the retailer. To demonstrate numerically and validate the model, a case study is carried out. The findings in this work generalize several existing results, and sensitivity analysis is also reported to support the model.