During the course, students become familiarized with the development and analysis of models for performance evaluation and decision making in dynamic systems that are subject to uncertainty.

MARKOV CHAINS
Introduction and analysis: Prototype examples. Chapman‐Kolmogorov equations. State classification. First passage times.
Long‐run properties of Markov chains: Steady‐state (limiting) probabilities. Expected average cost per unit time. Absorption states.
Continuous‐time Markov chains: Formulation. Transition rates. Steady‐state (limiting) probabilities.
QUEUEING THEORY
Models with exponential distributions: Prototype example. Basic structure of queueing models. Examples of real queueing systems. The role of the exponential distribution. The birth‐and‐death process. Queueing models based on the birth‐and‐death process.
Other models: Queueing models with nonexponential distributions. Priority‐discipline queueing models. Queuing networks.
Applications of queueing theory: Examples. Decision making process. Formulation of waiting‐cost functions. Decision models.

Suggested Literature

•  Taha, H.A. (2011) Εισαγωγή στην Επιχειρησιακή Έρευνα. Επιστημονική Επιμέλεια Σ. Κατσαβούνης. Εκδόσεις Τζιόλα, ISBN 978‐960‐418‐327‐2.
• Hillier F.S., Lieberman, G.J. 1985. Εισαγωγή στην Επιχειρησιακή Έρευνα, Τόμος Α, Τεύχη Α‐Γ,
  Μετάφραση ‐ Επιμέλεια Γ. Οικονόμου. Εκδόσεις Παπαζήση, ISBN 978‐960‐020‐230‐4.
• Hillier, F.S., Lieberman G.J. (2017) Εισαγωγή στην Επιχειρησιακή Έρευνα. Επιστημονική Επιμέλεια Διαμαντίδης Α. Εκδόσεις Τζιόλα, ISBN 978‐960‐418‐604‐4.
• Φακίνος, Δ. Στοχαστικά Μοντέλα στην Επιχειρησιακή Έρευνα. Αυτοέκδοση, Σ. Αθανασόπουλος‐Σ. Παπαδάμης & ΣΙΑ (εκτύπωση), Αθήνα, 2003.

Related Academic Journals

• Annals of Operations Research, Springer
• Discrete Event Dynamic Systems Theory and Applications, Springer
• European Journal of Operations Research, Elsevier
• Management Science, INFORMS
• Operations Research, INFORMS
• Probability in the Engineering and Informational Sciences, Cambridge University Press
•  Queueing Systems, Springer

Greek

Lectures and Practice Exercises