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Recent research in probability has been concerned with applications such as data mining and finance models. Some aspects of the foundations of probability theory have receded into the background. Yet, these aspects are very important and have to be brought back into prominence.

Most introductory textbooks on stochastic processes which cover standard topics such as Poisson process, Brownian motion, renewal theory and random walks deal inadequately with their applications. Written in a simple and accessible manner, this book addresses that inadequacy and provides guidelines and tools to study the applications. The coverage includes research developments in Markov property, martingales, regenerative phenomena and Tauberian theorems, and covers measure theory at an elementary level.