Stochastic Modeling with Applications

4.0 credits

This course covers stochastic models, queueing theory, and decision making in the presence of uncertainty. Applications related to operations research, such as supply-chain modeling, vaccine distribution, and the newsvendor problem are explored extensively. Topics covered: Newsvendor problem, Little’s law, queueing theory, Markov decision processes, supply-chain modeling and pooling, multi-echelon systems, effects of uncertainty and the bullwhip effect.