Stochastic Modeling and Risk Analysis.

Catalog description

Introduction to stochastic modeling. Review of Probability Theory. Conditional probabilities. Conditional expectations. Markov chains, Chapman-Kolmogorov equations, and classification of states. Markovian decision process. Poisson process. Introduction to queuing systems. Birth-death processes. Queuing networks. Queuing decision models. Introduction to stochastic programming. Deterministic and stochastic dynamic programming. Introduction to enterprise risk management. An examination of the risks, controls, and assurance services. (Fall) Prerequisite: EG3395 or MT4331 or MT4332 or MT 3303 .