Stochastic Processes and Their Applications

"Stochastic Processes and Their Applications" generally refers to both the theory and practical applications of stochastic processes, which are mathematical objects used to describe systems that evolve over time in a probabilistic manner. A stochastic process is a collection of random variables representing a process that evolves over time, where the next state of the process is influenced by its current state and possibly also by some random noise or other external factors.