Date of Publication :13th June 2019
Abstract: Study on Stochastic modal is a tool for estimating probability distributions of potential customers by allowing for random variation in one or more inputs over time. Stochastic modal provides an approximation to the real world situation. A modal involving a random variable or chance factor is called Stochastic modal. Here we discuss mainly the renewal process and the Markov renewal process . It includes the basic definitions of renewal proces , types of renewal process and their examples. Markov renewal process is considered as a generalizations of all other process
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