SUBHASH MISHRA
Dhanbad, Feb 20: A week-long deliberation on stochastic modelling techniques began today at IIT Indian School of Mines (ISM) Dhanbad.
The workshop is being organised by the IIT ISM Department of Management Study and Industrial Engineering in which experts from across the country are deliberating upon different aspects of stochastic modelling techniques.
Prof Karmeshu of Shiv Nadar University, Greater Noida and North Cap University Gurgaon while addressing the inaugural session said that stochastic is an integral part of life.
“Imagine if things are deterministic, life will be meaningless,” he said.
Prof Karmeshu said things which are involved in time in a probabilistic manner are called stochastic. He added that if you look around, everything is stochastic.
He also elaborated on the contribution of Indian Scientists in the field of statistics and stochasticity with particular reference to Prof PC Mahalanobis, who developed several practical mathematical and statistical methods.
The chief guest, Prof Dipti Prasad Mukherjee, Deputy Director of Indian Statistical Institute (ISI), Kolkata while addressing said the most challenging thing about stochasticity is that each and every time we talk about stochastic modelling phenomena. We expect deterministic output from it but the fact remains that every phenomenon is stochastic in nature.
He further said that though there is an abundance of modelling tools, the challenges lie with regard to the availability of data, which means that modelling is limited to a range of data.
The other challenge about stochasticity lies with the explainability of the data.
Prof Dhiraj Kumar, Deputy Director of IIT (ISM) on the occasion said that in mining engineering, stochastic modelling is used for mine planning, and design purposes and we also keep on applying the technique for our own assignment purposes and for transportation models which have given good results.
Prof Sagar Pal, Dean (R & D) of IIT ISM gave details of ongoing R&D activities being carried out in the institute while Prof JK Pattanayak, former Deputy Director of IIT (ISM) gave details of the history of the Department of Management Studies & Industrial Engineering which is organizing the workshop.
Prof Rashmi Singh of the Department of Management Studies, while making the introduction of the workshop said, “Experts from prestigious institutions from across the country, will deliberate on a host of issues including, stochastic flow shop scheduling, Dynamic Modelling of Stochastic System, Role of Data Analytics.”
