Introduction to Probability and Stochastic Processes with Applications

FOREWORD

Probability theory is the fulcrum around which the present-day mathematical modeling of random phenomena revolves. Given its broad and increasing application in everyday life-trade, manufacturing, reliability, or even biology and psychology, there is an ever-growing demand from researchers for strong textbooks expounding the theory and applications of probabilistic models.

This book is sure to be invaluable to students with varying levels of skill, as well as scholars who wish to pursue probability theory, whether pure or applied. It contains many different ideas and answers many questions frequently asked in classrooms. The extent of the exercises and examples chosen from a multitude of areas will be very helpful for students to understand the practical applications of probability theory.

The authors have extensively documented the origins of probability, giving the reader a clear idea of the needs and developments of the subject over many centuries. They have taken care to maintain an approach that is mathematically rigorous but at the same time simplistic and thus appealing to students.

Although a wide array of applications have been covered in various chapters, I must make particular mention of the chapters on queueing theory and financial mathematics. While the latter is an emerging topic, there is no limit on the applicability of queueing models to other diverse areas.

In all, the present book is the result of a long and distinguished teaching experience of probability, ...