Formulation and solution of some industrial and business problems using mathematical models. Review of probability. Markov chains and applications to inventory problems. Introduction to queuing theory and applications. Machine maintenance planning; optimal number of servers. Simulation and Monte Carlo methods. Reliability and replacement problems. Inventory and production planning problems. One, or possibly two, topics chosen from constrained optimization, network flow analysis and dynamic programming. (18/0/0/9/9) PREREQUISITES: STAT 256 or MTHE 267 (STAT 267) or equivalent or permission of the instructor
