This course looks at the theory of stochastic processes, showing how complex systems can be built up from sequences of elementary random choices. In particular, it will present the theory and techniques of Markov chains which can be used as probability models in many diverse applications. The course may be useful for students with interests in Probability, Mathematics, Statistics, Operations Research, Finance, Engineering, Economics, and Theoretical Biology.
Before taking this course students should have a good background in probability (at least B+ in STATS 125, or at least B in STATS 210 or STATS 225 or STATS 320) as well as some mathematics (one of ENGSCI 211, MATHS 208, MATHS 250, or equivalent).
This course will also provide good preparation for more advanced courses in probability (such as STATS 710, STATS 720, or STATS 723).