Stochastic Processes and Decision Making

Catalog description

Presents fundamentals of probability and stochastic processes from a non-measure theoretic point-of-view to develop (a) basic model building and probabilistic reasoning skills, and (b) an understanding of important qualitative characteristics of some basic stochastic processes used to model dynamical systems with noise. Topics include a review of probability theory with particular attention to conditional probability and expectation; Markov chains; Renewal theory and the Poisson process. Considers applications in reliability, inventory theory, queueing.