Course: Probabilistic Models in English

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Course title Probabilistic Models in English
Course code KEM/APMO
Organizational form of instruction Lecture + Tutorial
Level of course Master
Year of study not specified
Semester Summer
Number of ECTS credits 5
Language of instruction English
Status of course Compulsory-optional, Optional
Form of instruction Face-to-face
Work placements This is not an internship
Recommended optional programme components None
Course availability The course is available to visiting students
Lecturer(s)
  • Lukáš Ladislav, Doc. RNDr. Ing. CSc.
Course content
Course content : - Introduction to mathematical models in economics. Deterministic and stochastic models. Static and dynamic models. Theory of systems - basics. - Stochastic processes - basics. Markov chains - introduction. - Decision making processes using Markov chains. - Applications of Markov chains in marketing, corporate economics and finance. - Theory of queues, poisson process, waiting line models - basic characteristics. - Simple exponential models - M/M/1, M/M/m. - Other models - closed, with preferences ones, M/G/1. - Optimalization of simple waiting line models M/M/1, M/M/m with cost-oriented objective function. - Inventory theory - overview, basic characteristics. Inventory control optimization models. - Deterministic models - EOQ, POQ, and others. Multi-product inventory models. - Deterministic models - cont. Stochastic models, news-boy problem. - Stochastic models - determination of safety stock under aggregated demand with normal distribution, (Q,r) model, (s,S) model. - Stochastic models using theory of queues approach and their optimization.

Learning activities and teaching methods
Individual study, Self-study of literature, Lecture
  • Contact hours - 52 hours per semester
  • Preparation for an examination (30-60) - 40 hours per semester
  • Graduate study programme term essay (40-50) - 40 hours per semester
prerequisite
professional knowledge
Pre-requisities: to pass subjects Operations research and Statistics.
learning outcomes
Student is able to: - Construct and apply Markov chains with various applications in marketing, business, and finance, - Construct and apply waiting line models with economic applications (e.g. M/M/1, M/M/m, M/M/m/./r, etc.), - Apply various classic inventory models both deterministic and stochastic ones (e.g. news-boy problem, EOQ, POQ, multi-product models, dynamic models with stochastic demand, (Q,r), (s,S) models, etc.), - Get basics of sw Mathematica acquainted.
teaching methods
Lecture
Self-study of literature
Individual study
assessment methods
Combined exam
Seminar work
Recommended literature
  • ANDERSON, D. R. - SWEENEY, D. J. - WILLIAMS, T. A. An Introduction to Manaagement Science - Quantitative Approaches to Decision Making.
  • LUKÁŠ, L. Pravděpodobnostní modely některých manažerských úloh. Plzeň : Západočeská univerzita, 2005. ISBN 80-7043-402-3.
  • LUKÁŠ, L. Pravděpodobnostní modely v managementu - Markovovy řetězce a systémy hromadné obsluhy. Academia, Praha, 2009. ISBN 978-80-200-1704=8.
  • LUKÁŠ, L. Pravděpodobnostní modely. Plzeň : Západočeská univerzita, 2005. ISBN 80-7043-388-4.
  • RENDER, B., HANNA, M. E., STAIR, R. M. Jr. Quantitative analysis for management. 1eight ed. Upper Saddle River : Prentice Hall, 2003. ISBN 0-13-049543-3.


Study plans that include the course
Faculty Study plan (Version) Branch of study Category Recommended year of study Recommended semester
Faculty of Economics Business Economics and Management (2017) Economy 1 Summer
Faculty of Economics Business Economics and Management (2013) Economy 1 Summer
Faculty of Economics Project Management Systems (2013) Economy 1 Summer
Faculty of Economics Information Systems Management (2013) Economy - Summer