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A stochastic process is one that involves random variables. A large number of practical systems within industry, commerce, finance, biology, nuclear physics and epidemiology can be described as stochastic and analysed using the techniques developed in this module. The systems considered may exist in any one of a finite, or possibly countably infinite, number of states. The state of a system may be examined continuously through time or at fixed and regular intervals of time.

You will study processes whose changes of state through time are governed by probabilistic laws, and you will learn how models of such processes can be applied in practice.

Pre-requisite skills/knowledge: Discrete mathematics, probability theory, basic statistics

_{Please note that all modules are subject to change, please get in touch if you have any questions about this module.}