The computer center at Rockbottom University has been experiencing computer downtime. Let us assume that the trials of an associated Markov process are defined as one-hour periods and that the probability of the system being in a running state or a down state is based on the state of the system in the previous period. Historical data show the following transition probabilities.   To From Running Down Running 0.80 0.20 Down 0.30 0.70 (a) If the system is initially running, what is the probability of the system being down in the next hour of operation?   (b) What are the steady-state probabilities of the system being in the running state and in the down state? (Enter your probabilities as fractions.)

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Decision Theory in Operations Management

Decision theory, also known as the theory of choice, is a branch of statistics that deals with making decisions based on the probability of the occurrence of an event. The chief purpose of decision theory is to identify the best course of action for the company with maximum payoffs.