Core unitUnit 23 of 24
Stochastic Processes
Model systems that evolve randomly over time using Markov chains, Brownian motion, and related processes.
Difficulty
Beginner
Estimated study
200 hours
Duration
Self-paced
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About this unit
Unit overview
This unit models random systems that evolve over time. You will study discrete and continuous-time processes, including Markov chains, Poisson processes and Brownian motion, and apply them to queues, reliability and finance.
Learning outcomes
What you’ll learn
- 01Classify and analyse discrete-time Markov chains
- 02Model event arrivals with Poisson processes
- 03Work with continuous-time Markov chains and Brownian motion
- 04Apply stochastic models to real evolving systems