A Markovian evaluation of a tertiary education faculty

A tertiary education faculty is modelled using an absorbing Markov chain. The model takes account explicitly of full-time and part-time student stocks and flows, and thus facilitates some interesting observations. The evaluation of steady state statistics, gives rise to some worrying results, raising the question as to how efficiently resources are being utilized in tertiary (post secondary) education. The above evaluation is performed for undergraduate sections of the Faculty of Business at the Swinburne Institute of Technology (SIT), Victoria, Australia.