Skip to main content

North Star Promise Scholarship Alert: FAFSA or MN Dream Act forms must be submitted by June 1 to be considered for the scholarship next year!

—

Metro State will observe Summer Hours May 22–July 25: On Fridays, services will be virtual only, and buildings will be closed Fridays and Saturdays (except the Library will be open Fridays and Saturdays from 10a.m-6: p.m.). Check the Student Services page for details.
Metro State University (Home)

MATH 355 Introduction to Stochastic Processes

Stochastic processes involve sequences of events governed by probabilistic laws. Many applications of stochastic processes occur in biology, medicine, psychology, finance, telecommunications, insurance, security, and other disciplines. This course introduces the basics of applied stochastic processes such as Markov chains (both discrete-time and continuous-time), queuing models, and renewal processes. Software is used to solve real-world problems with an emphasis on interpretation of results and the role of stochastic processes in management decision-making.

Prerequisites

Special information

Note: Students whose prerequisites are not identified by the system should contact the Math and Statistics Department for an override at MATH@metrostate.edu.
2 Undergraduate credits

Effective May 7, 2019 to present

Learning outcomes

General

  • Identify and apply the most appropriate stochastic process technique for a given applied problem.
  • Apply probability and matrix theory to solve stochastic models.
  • Solve stochastic process problems mathematically and using software.
  • Asses how sensitive stochastic models are to changes that might occur in model variables.
  • Interpret and understand the solution for a stochastic process application.
  • Document and articulate the results and conclusions for stochastic process techniques applied to actual cases in a variety of disciplines.