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"A valuable contribution . . . rigorous and carefully thought out."
–Zeitschrift fur Operations Research
A state-of-the-art text on stochastic models and their applications
Much has changed in the field of stochastic modeling since the highly successful Second Edition of this popular text. In response, the authors have significantly revised their book to deliver a thoroughly up-to-date overview of the field.
This Third Edition of Elements of Applied Stochastic Processes provides a basic understanding of the fundamental theory of stochastic processes. Topics include Markov chains, and Markov, branching, renewal, and stationary processes, all of which are illustrated with the rich diversity of actual applications. Restructured to enhance the book’s usefulness for practicing professionals, students, and instructors, this edition features two chapters dedicated entirely to applications from journal articles and new material on statistical inference for stochastic processes, with inference on queues as an area of application. Also new is a chapter on simulation and Markov Chain Monte Carlo.
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