Stochastic Models in Operations Research

Catalog description

This course will be an introduction to the modeling of stochastic systems. The student will learn about Poisson processes, Markov Chains, Dynamic Programming, and Queuing systems; both model formulations and solutions strategies. The students will learn several applications of these models in manufacturing and service systems, so that they can synthesize the lecture material. The student will study the topic of inventory theory, including fundamental trade-offs, economic order quantity (EOQ) modeling, and stochastic models. This will be a required course for all undergraduate students pursuing a baccalaureate degree in Industrial Engineering.