MA6380 Stochastic methods in industry

Course Details

Inventory and Stock Control: Practical stock systems, Various associated costs, Lead time- Type of Systems- Inventory Policies, Objective functions- Mathematical Methods of Inventory and applications.
Reliability Theory: Replacement and maintenance, discounting, Group replacements- System Reliability and availability- Simple Reliability models.
Quality Control: Acceptance sampling for attributes and for variables, operating Characteristic and average runlength; Single-Double and sequential plans, Control Charts- their construction and use.
Simulation: Simulation Concepts- Generation of uniform variates, generation of Variates fro Standard distributions; Monte Carlo Calculus and variance reduction techniques, Analogue simulation of systems.

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