APPLICATIONS OF STATISTICAL TOOLS FOR DECISION MAKING UNDER UNCERTAINTY IN MANUFACTURING INDUSTRIES

In order to survive in the present day global competitive environment, it now becomes essential for the manufacturing organizations to take prompt and correct decisions regarding effective use of their scarce resources. The content of this paper to promote the wider understanding and application of statistical methods for manufacturing decision making problems under uncertainty conditions. It is important for managers to know the statistical techniques that can be applied in industry and the ways in which these techniques can help them in their decision making. The aims of the study are the managers make decisions using Statistics. This paper will provide you with hands-on experience to promote the use of statistical thinking and techniques to apply them to make educated decisions, whenever you encounter variation in business data.