The field of applied probability has changed profoundly in the past twenty years. The development of computational methods has greatly contributed to a better understanding of the theory. A First Course in Stochastic Models provides a self-contained introduction to the theory and applications of stochastic models. Emphasis is placed on establishing the theoretical foundations of the subject, thereby providing a framework in which the applications can be understood. Without this solid basis in theory no applications can be solved.

• Provides an introduction to the use of stochastic models through an integrated presentation of theory, algorithms and applications.

• Incorporates recent developments in computational probability.

• Includes a wide range of examples that illustrate the models and make the methods of solution clear.

• Features an abundance of motivating exercises that help the student learn how to apply the theory.

• Accessible to anyone with a basic knowledge of probability.