Optimization of a Multi-Server Stochastic Financial Queue

9 Pages Posted: 7 Oct 2019

See all articles by Bhupender Kumar Soam

Bhupender Kumar Soam

Jagannath International Management School (JIMS)

Shweta Bhatia

Jagannath University

Kirti Sharma

Jagannath University, Jaipur

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Date Written: October 2, 2019


Profit optimization imperative for any business. The businesses that are dealing with lots of stochastic variables he challenges become severe. Almost all of the business situations can be presented through a mathematical model. In this paper, the functioning of a financial institution such as the insurance firm is modelled as a stochastic queue. The cost model for the queue is developed and optimized for different stochastic parameters using pattern search and classical optimization techniques. An algorithm is written in MATLAB for the purpose. The paper can be referred by firms for practical implementation in order to maximize their profit.

Keywords: Stochastic financial models, Optimization, Insurance, MATLAB

Suggested Citation

Soam, Bhupender Kumar and Bhatia, Shweta and Sharma, Kirti, Optimization of a Multi-Server Stochastic Financial Queue (October 2, 2019). Proceedings of International Conference on Advancements in Computing & Management (ICACM) 2019. Available at SSRN: https://ssrn.com/abstract=3462986 or http://dx.doi.org/10.2139/ssrn.3462986

Bhupender Kumar Soam (Contact Author)

Jagannath International Management School (JIMS)

MOR 105, Kalkaji
New Delhi

Shweta Bhatia

Jagannath University

9-10, Chittaranjan Avenue
Sadarghat, Dhaka 1100

Kirti Sharma

Jagannath University, Jaipur ( email )


HOME PAGE: http://https://www.linkedin.com/in/kirtisharmaphd

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