University of Illinois Urbana-Champaign 3 credits Industrial Engineering
Introduction to stochastic processes with applications in decision-making under uncertainty. Topics include newsvendor problem, discrete-time Markov chain (including classification of states, stationary distribution, absorbing states), Poisson processes (including time-homogenous, time-nonhomogeneous, thinning Poisson), continuous-time Markov chain (including Markov property, generator matrix, stationary distribution), queuing theory (including M/M/k queue, open Jackson network), and Markov decision processes (including finite-horizon models, infinite-horizon models). Prerequisite: IE 300 and IE 310.
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