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IEOR E6711 STOCHASTIC MODELING I. 4.50 points.

Prerequisites: (STAT GU4001) or Refer to course syllabus.
Advanced treatment of stochastic modeling in the context of queueing, reliability, manufacturing, insurance risk, financial engineering and other engineering applications. Review of elements of probability theory; exponential distribution; renewal theory; Wald’s equation; Poisson processes. Introduction to both discrete and continuous-time Markov chains; introduction to Brownian motion