This is an essential textbook for senior undergraduate and graduate students of statistics, stochastic processes, stochastic finance, and probability theory. It thoroughly discusses the concepts of stochastic processes, both Markov and non-Markov processes, as well as stochastic calculus.

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Dharmaraja Selvamuthu is Professor at the Department of Mathematics, Indian Institute of Technology Delhi, India. He also served as Head of the Department of Mathematics, Indian Institute of Technology Delhi. He earned his M.Sc. degree in Applied Mathematics at Anna University, Chennai, India, in 1994 and Ph.D. degree in Mathematics from the Indian Institute of Technology Madras, India, in 1999. He has held visiting positions at Duke University, USA; Emory University, USA; University of Calgary, Canada; University of Los Andes, Bogota, Colombia; National University of Colombia, Bogota, Colombia; University of Verona, Italy; Sungkyunkwan University, Suwon, Korea; and Universita Degli Studi di Salerno, Fisciano, Italy. His research interests include applied probability, queueing theory, stochastic modeling, performance analysis of computer and communication systems, and financial mathematics. He has published over 85 research papers in several international journals of repute and over 40 research papers at various international conferences.

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