• Dr.C.Anantharaj
• Dr.Ramaiyan Elangovan

Manpower planning is a dynamic process, which manages the flow of labour into, through and out of the organization, to achieve an optimum match. Manpower planning must take into consideration the total corporate plan together with issues like technology, competition, legislation and regulation by the government plus changing social norms and expectations, which affect people employment. To be effective, plans must ensure that critical issues are addressed, appropriate actions taken and the process sustained, all of which gives it credibility and a sense of ownership among the implementers. Statistical tools are indispensable tools in the analysis of the planning of human resources. The formation of human resource, its wastage during the phase of its development, recanalization of the part of the resources into some undesirable sectors, and finally inadequate utilization of the produced human capital due to unforeseen circumstances can only be adequately analyzed by appropriate statistical techniques. In this paper, the application of renewal process and reliability theory can be combined together to decide suitable manpower replacement policies for promotion as well as replacement of manpower for the successful maintenance of the system is discussed.

Stochastic model, Manpower planning, Replacement strategies, Promotion policy, Reliability

"STOCHASTIC APPROACH FOR REPLACEMENT STRATEGIES IN MANPOWER PLANNING", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 5, page no.145-149, May-2019, Available :http://www.jetir.org/papers/JETIR1905Q19.pdf

"STOCHASTIC APPROACH FOR REPLACEMENT STRATEGIES IN MANPOWER PLANNING", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 5, page no. pp145-149, May-2019, Available at : http://www.jetir.org/papers/JETIR1905Q19.pdf