This paper delves into the realm of stochastic processes and their profound impact on operations research. Stochastic processes, characterized by their inherent randomness, have become indispensable tools in the field of operations research due to their ability to model uncertainty and variability in real-world systems. By harnessing the power of stochastic processes, operations researchers can develop more robust and efficient decision-making frameworks. The paper begins by providing an overview of the fundamental concepts of stochastic processes, including Markov chains, Brownian motion, and queueing theory. It then explores the various applications of these processes in operations research, such as inventory management, scheduling, and risk analysis. Furthermore, the paper discusses the challenges associated with modeling complex stochastic systems and the advantages of using simulation-based approaches to mitigate these challenges. Lastly, the paper highlights the potential of stochastic processes to revolutionize the future of operations research by enabling the design of intelligent systems capable of adapting to dynamic environments.
Brown, O. (2023). Stochastic Processes and Their Applications in Operations Research. Operations Research and Statistics, 5(2), 41. doi:10.69610/j.ors.20230819
ACS Style
Brown, O. Stochastic Processes and Their Applications in Operations Research. Operations Research and Statistics, 2023, 5, 41. doi:10.69610/j.ors.20230819
AMA Style
Brown O. Stochastic Processes and Their Applications in Operations Research. Operations Research and Statistics; 2023, 5(2):41. doi:10.69610/j.ors.20230819
Chicago/Turabian Style
Brown, Olivia 2023. "Stochastic Processes and Their Applications in Operations Research" Operations Research and Statistics 5, no.2:41. doi:10.69610/j.ors.20230819
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ACS Style
Brown, O. Stochastic Processes and Their Applications in Operations Research. Operations Research and Statistics, 2023, 5, 41. doi:10.69610/j.ors.20230819
AMA Style
Brown O. Stochastic Processes and Their Applications in Operations Research. Operations Research and Statistics; 2023, 5(2):41. doi:10.69610/j.ors.20230819
Chicago/Turabian Style
Brown, Olivia 2023. "Stochastic Processes and Their Applications in Operations Research" Operations Research and Statistics 5, no.2:41. doi:10.69610/j.ors.20230819
APA style
Brown, O. (2023). Stochastic Processes and Their Applications in Operations Research. Operations Research and Statistics, 5(2), 41. doi:10.69610/j.ors.20230819
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References
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