BUSINESS *Q771 / Stochastic Processes with Business Applications

3 unit(s)

Prerequisite(s): Enrolment in the PhD Program or permission of the instructor.

Stochastic processes and their applications in modeling the business environment. Emphasis is on understanding and applying the concepts in modeling, rather than on a strictly mathematical approach. Markov chains, Poisson processes, “birth” and “death” processes, queuing systems, elementary renewal theory, and diffusion processes are discussed. Individual student participation is also required in selecting, researching and presenting topics on stochastic process applications.