Loyola University Chicago

Mathematics and Statistics

MATH/STAT 306: Stochastic Processes

Credit Hours



STAT 203 or 335; MATH 212.


Finite-state Markov processes. Markov chains, classification of states, long-run behavior, continuous time processes such as the Poisson process, birth and death processes, random walks, and Brownian motion. Examples in genetics, population growth, inventory, cash management, and the gambling theory.