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

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... esentation 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.