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.