BUS-K604 Stochastic Process for Operations Research
- 15 weeks
- 1.5 credits
- Prerequisite(s): None
The course introduces the fundamental knowledge in stochastic processes. It includes topics such as Poisson processes, discrete- and continuous-time Markov chains, birth-and-death processes. Applications include phase-type distributions and Markovian queues. Students will represent Markov chains in matrix form and solve for transient and steady-state distributions using MATLAB, Python, or similar software. This course will also cover the basics of random variate generation and Monte Carlo simulation.