So far in this book we have developed methods of quantifying the performance of stochastic systems. For example, we developed discrete- and continuous-time Markov chains to study manufacturing systems, weather systems, inventory systems, manpower systems, financial systems, telecommunication systems, etc. In Chapter 7 we developed semi-Markov processes to study the above systems under less restrictive assumptions.
KeywordsArrival Rate Cost Rate Conceptual Problem Parking Space Optimal Order Quantity
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