Discrete stochastic processes are essentially probabilistic systems that evolve in time via random changes occurring at discrete fixed or random intervals. This course aims to help students acquire both the mathematical principles and the intuition necessary to create, analyze, and understand insightful models for a broad range of these processes. The range of areas for which discrete stochastic-process models are useful is constantly expanding, and includes many applications in engineering, physics, biology, operations research and finance.
The Massachusetts Institute of Technology (MIT), founded in 1861, is located in Cambridge, Massachusetts, and is one of the foremost U.S. institutions in science and technology. It is comprised of five schools and one college, including the renowned School of Engineering and Sloan School of Management, offering Bachelor's, Master's, and Doctorate degrees. Notable alumni include Ben Bernanke, Chairman of the Federal Reserve, Benjamin Netanyahu, prime minister of Israel, and American astronaut "Buzz" Aldrin.