Note: If this course is being taught this semester, more information can be found at the course home page.
Have you ever wondered how large companies are able to send such a vast array of products to your doorstep in a day or two, at negligible cost to the consumer? In this course you will learn how. This course covers stochastic models, queueing theory, and decision making in the presence of uncertainty. Applications, such as supply-chain modeling, vaccine distribution, and the newsvendor problem are explored extensively.
Newsvendor problem, Little’s law, queueing theory, Markov decision processes, supply-chain modeling and pooling, multi-echelon systems, effects of uncertainty and the bullwhip effect.