Information and Decision Sciences

IDS 437 Stochastic Methods

Credit hours 3 - Undergraduate 4-Graduate
Catalog description Markov chains, queuing theory, stochastic inventory control theory, dynamic programming.
Key topics
  • Introduction to Markov chains
  • Transition probabilities, recurrent states, steady-state probabilities
  • Optimization on Markov chains
  • Queuing systems
  • Birth death processes, single serve matrix for
    formulation of queuing systems
  • Dynamic programming
  • Relationship to network-theory, finite horizon models,
    infinite horizon models.
  • Stochastic inventory control
  • Single period models, finite horizon model, infinite horizon
    models
Prerequisites for this course IDS 355 (Operations and Systems Management I) and Math 205 (Advanced Mathematics for Business)
Course(s) for which this is a prerequisite None
Required course for None
Elective course for Selective course for IDS Majors
Frequency of offering
Recent offerings, instructors, syllabi None
Planned offerings Fall 2003 Lee
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