Stochastic Models

0.5 Course Units

This course introduces mathematical models describing and analyzing the behavior of processes that exhibit random components. The theory of stochastic processes will be developed based on elementary probability theory and calculus. Topics include random walks, Poisson processes, Markov chains in discrete and continuous time, renewal theory, and martingales. Applications from the areas of inventory, production, finance, queueing and communication systems will be presented throughout the course. Fall Prerequisite: STAT 5100 0.5 Course Units