Can I change tempdb size to a specific value and can I shrink it during our daily working hours on our production database Can I change tempdb size to a specific value and can I shrink it during our daily working hours on our production database ?. Please tell me if it has bad effect on a production database.

My database server has 4 cores and I'm using SQL Server 2008 R2 SP3. I asked this question because I noted that its size is growing suddenly. I'm afraid that it may make the hard drive full.

I frequently run below query to see if there is page contention or not. I always see an empty result, which indicates that there is no page contention, therefore I did not add additional data file to tempdb.

(SELECT session_id AS [Session],
wait_duration_ms AS [WaitTime(ms)],
resource_description AS [Type]
FROM sys.dm_os_waiting_tasks
WHERE wait_type LIKE 'PAGELATCH_%'
AND (resource_description LIKE '2:%:1'
OR resource_description LIKE '2:%:2'
OR resource_description LIKE '2:%:3')


My tempdb is located on the local C drive. I have only one data file for it.
Multiple things to note here. tempdb is supposed to have same number of data file as many cores are available on the server(up to 8). So, in your case it is supposed to be 4 data files and they are should be of same size so that you won't have allocation contention. This is addressed by KB 2154845.
Below is explained by Mr. Brent Ozar for configuring tempdb:

configure one volume/drive for TempDB. Divide the total space by 9,
and that’s your size number. Create 8 equally sized data files and one
log file, each that size. Presto, the drive is full and your TempDB is
configured for easy performance.

I would stick to below script to find my bottlenecks for wait statistics:
WITH [Waits] AS
(SELECT
[wait_type],
[wait_time_ms] / 1000.0 AS [WaitS],
([wait_time_ms] - [signal_wait_time_ms]) / 1000.0 AS [ResourceS],
[signal_wait_time_ms] / 1000.0 AS [SignalS],
[waiting_tasks_count] AS [WaitCount],
100.0 * [wait_time_ms] / SUM ([wait_time_ms]) OVER() AS [Percentage],
ROW_NUMBER() OVER(ORDER BY [wait_time_ms] DESC) AS [RowNum]
FROM sys.dm_os_wait_stats
WHERE [wait_type] NOT IN (
N'BROKER_EVENTHANDLER', N'BROKER_RECEIVE_WAITFOR',
N'BROKER_TASK_STOP', N'BROKER_TO_FLUSH',
N'BROKER_TRANSMITTER', N'CHECKPOINT_QUEUE',
N'CHKPT', N'CLR_AUTO_EVENT',
N'CLR_MANUAL_EVENT', N'CLR_SEMAPHORE',
N'DBMIRROR_DBM_EVENT', N'DBMIRROR_EVENTS_QUEUE',
N'DBMIRROR_WORKER_QUEUE', N'DBMIRRORING_CMD',
N'DIRTY_PAGE_POLL', N'DISPATCHER_QUEUE_SEMAPHORE',
N'EXECSYNC', N'FSAGENT',
N'FT_IFTS_SCHEDULER_IDLE_WAIT', N'FT_IFTSHC_MUTEX',
N'HADR_CLUSAPI_CALL', N'HADR_FILESTREAM_IOMGR_IOCOMPLETION',
N'HADR_LOGCAPTURE_WAIT', N'HADR_NOTIFICATION_DEQUEUE',
N'HADR_TIMER_TASK', N'HADR_WORK_QUEUE',
N'KSOURCE_WAKEUP', N'LAZYWRITER_SLEEP',
N'LOGMGR_QUEUE', N'ONDEMAND_TASK_QUEUE',
N'PWAIT_ALL_COMPONENTS_INITIALIZED',
N'QDS_PERSIST_TASK_MAIN_LOOP_SLEEP',
N'QDS_CLEANUP_STALE_QUERIES_TASK_MAIN_LOOP_SLEEP',
N'REQUEST_FOR_DEADLOCK_SEARCH', N'RESOURCE_QUEUE',
N'SERVER_IDLE_CHECK', N'SLEEP_BPOOL_FLUSH',
N'SLEEP_DBSTARTUP', N'SLEEP_DCOMSTARTUP',
N'SLEEP_MASTERDBREADY', N'SLEEP_MASTERMDREADY',
N'SLEEP_MASTERUPGRADED', N'SLEEP_MSDBSTARTUP',
N'SLEEP_SYSTEMTASK', N'SLEEP_TASK',
N'SLEEP_TEMPDBSTARTUP', N'SNI_HTTP_ACCEPT',
N'SP_SERVER_DIAGNOSTICS_SLEEP', N'SQLTRACE_BUFFER_FLUSH',
N'SQLTRACE_INCREMENTAL_FLUSH_SLEEP',
N'SQLTRACE_WAIT_ENTRIES', N'WAIT_FOR_RESULTS',
N'WAITFOR', N'WAITFOR_TASKSHUTDOWN',
N'WAIT_XTP_HOST_WAIT', N'WAIT_XTP_OFFLINE_CKPT_NEW_LOG',
N'WAIT_XTP_CKPT_CLOSE', N'XE_DISPATCHER_JOIN',
N'XE_DISPATCHER_WAIT', N'XE_TIMER_EVENT')
AND [waiting_tasks_count] &gt; 0
)
SELECT
MAX ([W1].[wait_type]) AS [WaitType],
CAST (MAX ([W1].[WaitS]) AS DECIMAL (16,2)) AS [Wait_S],
CAST (MAX ([W1].[ResourceS]) AS DECIMAL (16,2)) AS [Resource_S],
CAST (MAX ([W1].[SignalS]) AS DECIMAL (16,2)) AS [Signal_S],
MAX ([W1].[WaitCount]) AS [WaitCount],
CAST (MAX ([W1].[Percentage]) AS DECIMAL (5,2)) AS [Percentage],
CAST ((MAX ([W1].[WaitS]) / MAX ([W1].[WaitCount])) AS DECIMAL (16,4)) AS [AvgWait_S],
CAST ((MAX ([W1].[ResourceS]) / MAX ([W1].[WaitCount])) AS DECIMAL (16,4)) AS [AvgRes_S],
CAST ((MAX ([W1].[SignalS]) / MAX ([W1].[WaitCount])) AS DECIMAL (16,4)) AS [AvgSig_S]
FROM [Waits] AS [W1]
INNER JOIN [Waits] AS [W2]
ON [W2].[RowNum] &lt;= [W1].[RowNum]
GROUP BY [W1].[RowNum]
HAVING SUM ([W2].[Percentage]) - MAX ([W1].[Percentage]) &lt; 95; -- percentage threshold
GO

I am not very sure if this will work on SQL Server 2008R2 as I don't have any environment with this version.
Regarding your main issue i.e. filling up of space at C drive and your only device of tempdb which is stored at the same drive can make your database corrupt as well as your operating system will stop working if all the space is used. So, I would suggest you to add three more data file of equal size and keep them at different drive and at the same time disable autogrowth option from the existing device as shown below:

Check how much of data is really used in tempdb and try to shrink that to an extent(its not a good option in normal scenario however you don't have many option since we don't want to reboot service now).
After above steps are done and you manage to survive during peak hour, you may plan to get downtime of your system for few minutes and would need to reboot your SQL service in order to move 1st data file from C drive to other drive.
You may use commands given at below links and follow steps to move data/log file of tempdb:
https://blog.sqlauthority.com/2016/06/26/moving-tempdb-new-drive-interview-question-week-077/
https://www.brentozar.com/archive/2017/11/move-tempdb-another-drive-folder/
How to Move TempDB Files to a Different Drive or Folder?
Hope above helps.