Probability and Stochastic Modeling | Mathematics

Product Description

Probability and Stochastic Modeling not only covers all the topics found in a traditional introductory probability course but also emphasizes stochastic modeling including Markov chains birth-death processes and reliability models. Unlike most undergraduate-level probability texts the book also focuses on increasingly important areas such as martingales classification of dependency structures and risk evaluation. Numerous examples exercises and models using real-world data demonstrate the practical possibilities and restrictions of different approaches and help students grasp general concepts and theoretical results. The text is suitable for majors in mathematics and statistics as well as m…