STAT 462 - Introduction to Stochastic Processes

(3 units)

Discrete and continuous time stochastic processes with applications to queuing and inventory theory, and population growth. Topics include: Markov chains, branching processes, Poisson and renewal processes, and birth-and-death processes.

Prerequisite(s): STAT 461.

Grading Basis: Graded
Units of Lecture: 3
Offered: Every Fall

Student Learning Outcomes
Upon completion of this course, students will be able to:
1. demonstrate understanding of the probability foundations for stochastic processes through proofs and examples.
2. build and use stochastic processes, including random walks, Markov chains, branching processes, Poisson and renewal processes.
3. build and use continuous time stochastic process to model real-world phenomena.

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