Applied Stochastic System Modeling

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Focusing on foundational concepts in stochastic processes, this book serves as a comprehensive guide for students with a basic understanding of analysis and linear algebra. It covers essential topics such as Poisson processes, renewal processes, and both discrete and continuous-time Markov chains, emphasizing practical applications in various fields like engineering and economics. The initial chapters establish probability theory, laying the groundwork for advanced stochastic modeling techniques, including reliability and queueing models, suitable for a one-semester course.