An Application of Multivariate Statistical Techniques for Cost Effective Decision Making A Case Study
2005 ◽
Vol 57
(1-2)
◽
pp. 109-120
Keyword(s):
This paper focuses on the application of multivariate statical techniques for making a cost effective decision in an industrial set up. The objective of this study is to take a decision with respect to several parameters whether a particular product can be sent to the customer or not. The techniques like MANOVA, discriminant and classification function analysis have been used to fulfil the objectives. An optimum classification rule has been established for making the decision. A cost benefit analysis has also been done after iniplementing the proposed optimum decisionmaking rule.