END 558E - Stochastic Processes Modelling

Dersin Amaçları

• Develop models for decision making under uncertainty
• Analyze the concepts of random variables (single and multivariate), mean, variance and covariance
• Identify and apply the probability distributions accurately to applications
• Develop and formulate decision problems using decision tress
• Measure the value of perfect and sample information
• Identify and describe a stochastic process
• Apply the stochastic process in the form of Markov chains and queuing models into real life problems
• Characterize dynamic decision problems as Markov decision process

Dersin Tanımı

Introduction to mathematical modeling, analysis, and solution procedures applicable to uncertain (stochastic) production systems. Methodologies covered include probability theory and stochastic processes. Applications relate to design and analysis of problems, capacity planning, inventory control, waiting lines, and system reliability and maintainability.