Stochastic Processes credit: 3 or

4 Hours

A stochastic process is a random process that represents the evolution of some system over time. Topics may include discrete-time and continuous-time Markov chains, birth-and-death chains, branching chains, stationary distributions, random walks, Markov pure jump processes, birth-and-death processes, renewal processes, Poisson process, queues, second order processes, Brownian motion (Wiener process), and Ito's lemma. 3 undergraduate hours. 4 graduate hours. Prerequisite: STAT 400 required, STAT 410 preferred, and MATH 225 (or equivalent knowledge of Linear Algebra) highly recommended.