INE308 Stochastic OR Models

[3–0, 3 cr.]

Introduction to discrete Markov chains and continuous Markov Processes, including transient and limiting behavior.  The Poisson/ Exponential process. Conditional probabilities and conditional expectations. Applications to reliability, maintenance, inventory, production, simple queues and other engineering problems.  Introduction to decision theory, risk, utility and decision trees.

Pre-requisites: GNE331 Probability and Statistics.