IE 450 Stochastic Models in Operations Research

The objective of this course is to give an intermediate level of understanding in modeling and optimization of systems presenting stochastic behavior. To this end first the general modeling tools are presented. Then discrete and continuous time Markov chains are discussed in detail and Markov decision processes are introduced. In the second phase of the course Markovian analysis and optimization applications in queueing and inventory systems are studied.
IE 305 or equivalent
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