STOCHASTIC PROCESSES (2 SCU)

Learning Outcomes:

On successful completion of this course, students will be able to: identify Identify a stochastic process in the system; perform Perform Monte Carlo simulation for probabilistic modeling tools; apply Apply Markov Chain and Queuing models for various real world applications; propose Propose solution for the given problem (problem on decision making under uncertainty).

Topics:

1. Introduction to stochastic processes;
2. Monte Carlo Simulation;
3. Markov Chains;
4. Renewal Theory and Its Applications;
5. Queuing Systems;
6. Decision Analysis and Game Theory.