MA6380 Stochastic Methods in Industry
Inventory and Stock Control: Practical stock systems, Various associated costs, Lead time - Types of systems - Inventory Policies, Objective functions - Mathematical Methods of Inventory and applications. Reliability Theory: Replacements 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 run length, Single-Double and sequential plans, Control Charts - their construction and use. Simulation: Simulation Concepts - Generation of uniform variates, generation of Variates from standard distributions, Monte Carlo calculus and variance reduction techniques, Analogue simulation of systems.
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