Stochastic Processes

Mahmut Parlar
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Mahmut Parlar: McMaster University, DeGroote School of Business

Chapter 7 in Interactive Operations Research with Maple, 2000, pp 237-329 from Springer

Abstract: Abstract Operations research models can be categorized broadly as detenninistic and probabilistic. When the variable of interest—e.g., the number of customers in a service system or the number of units in inventory—randomly evolves in time, a probabilistic model provides a more accurate representation of the system under study.

Keywords: Markov Chain; Poisson Process; Interarrival Time; Compound Poisson Process; Renewal Theory (search for similar items in EconPapers)
Date: 2000
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DOI: 10.1007/978-1-4612-1356-7_7

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