Stochastic processes and their applications illustrates the theoretical knowledge of randomvariables along with some practical skills to analyze various stochastic dynamicalsystems in economics, engineering and other fields. It includes the most appropriateprocess for modelling in particular situations arising in economics, engineering andother fields. The book provides the readers with the insights into the development ofdifferent processes and theories like Poisson processes and the application of stochasticprocesses in biology.