MA6380 Stochastic Methods in Industry

Course Details

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.

Course References:

1. Ross, S. M. Stochastic processes, Wiley, New York, 1983
2. Karlin, S and Taylor, H. M. A First Course in Stochastic Processes, Second edition, Academic Press, New York, 1975
3. Medhi, J. Stochastic processes , Second Edition, Wiley , New York ,1994
Reference Books:
1. Parzen,E.Stochastic Processes, SIAM Classics in Applied Mathematics 24,1999