Presents the theory of random variables along with some practical skills to analyse various stochastic dynamical systems in economics, engineering and other fields. Coverage includes the most appropriate process for modelling in particular situations arising in economics, engineering and other fields.

Stochastic Processes and their Applications illustrates the theoretical knowledge of random variables along with some practical skills to analyze various stochastic dynamical systems in economics, engineering and other fields. It includes the most appropriate process for modelling in particular situations arising in economics, engineering and other fields. Provide the readers with the insights into the development of different processes and theories like Poisson processes and the application of stochastic processes in biology.