The present paper proposes a non-homogeneous multivariate Markov manpower system in
the general category of mathematical human resource planning. More specifically, we …

The present paper proposes a mathematical model and algorithm for optimizing cost-
effectiveness in a stochastic manpower planning system under control by recruitment. More …

In this paper a general second order semi-Markov reward model is presented. Equations for
the higher order moments of the reward process are presented for the first time and applied …

In the article, the entrance probabilities and the probability distribution of the number of
transitions to a state are studied to provide some answers to questions related to state …

Non-Homogeneous Markov Chains and Systems: Theory and Applications fulfills two
principal goals. It is devoted to the study of non-homogeneous Markov chains in the first part …

Credit risk is one of the most important contemporary problems for banks and insurance
companies. Indeed, for banks, more than forty percent of the equities are necessary to cover …

In the present the idea of stochastic Market environment comes into play to express the
changes in general economy, which affects any industry in small or great amounts of …

Ramp-rate limitation is a strategy to reduce wind power variability and to permit the
integration of wind power into the grid. However, penalties occur whenever the ramp-rate …

In this paper we extend our previous semi-Markov reward model which attached costs to
duration in states, by including costs of making a transition from one state to another …

In this paper, we propose a semi-Markov chain to model the salary levels of participants in a
pension scheme. The aim of the models is to understand the evolution in time of the salary of …