<div><div>Concise advanced-level introduction to stochastic processes that frequently arise in applied probability. Largely self-contained text covers Poisson process, renewal theory, Markov chains, inventory theory, Brownian motion and continuous time optimization models, much more. Problems and references at chapter ends. "Excellent introduction." — <I>Journal of the American Statistical Association</I>. Bibliography. 1970 edition.</DIV></DIV>