Probability and Random Processes

About this book

This book gives an introduction to probability and its many practical application by providing a thorough entertaining account of basic probability and important random processes covering a range of important topics. Emphasis is on modelling rather than abstraction and there are new sections on sampling and Markov chain Monte Carlo renewal-reward queueing networks stochastic calculus and option pricing in the Black-Scholes model for financial markets. In addition there are almost 400 exercises and problems relevant to the material. Solutions can be found in One Thousand Exercises in Probability.