Circular Economy Industry 4.0 Technologies Using TOPSIS (Technique for Order of Preference by Similarity to Ideal Solution Method

Abstract

Circular Economy and Industry 4.0 Technologies Introduction: Markets that promote product reuse rather than product elimination and subsequent extraction of new resources are examples of a circular economy. All waste categories, including clothing, scrap metal, and outdated technology, are recycled or put to better use in such economies. This approach can offer a solution not only to safeguard the environment but also to use natural resources more wisely and produce new industries, jobs, and skill sets. A paradigm of production and consumption known as the "circular economy" incorporates sharing, leasing, reuse, repair, refurbishment, and recycling to lengthen the package's life cycle. The primary goal of a circular economic model is to design out waste. This model is predicated on the idea that there is no such thing as waste. To accomplish this, last-generation products are made with high-quality materials and are amenable to the extraction and reuse cycle, making it easier for users to handle, modify, or update them. The circular economic model is ultimately distinguished by these short product cycles, with the exception of disposal and recycling, which waste a significant amount of embodied energy and labor. The ultimate objective is to manage finite stocks and balance renewable resource flows to protect and enhance natural capital. Research significance: The circular economic model distinguishes between the cycles of technology and biology. Consumption only occurs during biological cycles when biologically-based goods are intended to replenish the system through procedures like food, compost, or anaerobic digestion of cork, linen, or other materials. These cycles recreate environments that give the economy renewable resources, such as soil or the ocean. Technical cycles, on the other hand, restore and reuse products through tactics like recycling, reusing, repairing, or producing something new. Ultimately, one of the goals of the circular economy is to increase resource yields by focusing on the components, goods, and services that are circulated and used most frequently across the technological and biological cycles. The concept of the circular economy gained popularity in China in the 1990s in response to economic expansion and the depletion of natural resources. The central idea of the circular economy concept is to strike a balance between resource and environmental use, capitalizing on material flow and recycling, and economic growth Methodology: ideal solution (TOPSIS) is prioritized through unity is a technique that provides, this is a multicriteria decision analytical method. TOPSIS stands for (PIS). Short geometric distance alternative to select is the positive ideal solution, basically distance to have ideal solution of thought (nis) negative too long from is geometry. Of TOPSIS the assumption is even greater is, is coming or going the criteria are the same are increasing. Many parameters in scaling problems or criteria often improper dimensions normalizations due to having are generally required. Alternative: Reliability, Responsiveness, Agility, Costs, Active management efficiency. Evaluation preference: Regenerate, Share, Optimise, Loop, Virtualise, Exchange. Results: From the result it is seen that Share is got the first rank where as is the Regenerate is having the lowest rank.