Suitable for a first-year graduate course, this text presents a concise account of applied stochastic processes. The book focuses on applications while also developing an essentially complete mathematical theory. It covers applications of queues, the mathematical model of a single stock market, and other examples. After a review of basic probability, the author discusses Poisson processes, renewal processes, discrete- and continuous-time Markov chains, Brownian motion, and stochastic differential equations. The text includes numerous examples throughout and exercises at the end of most sections.Probability and Stochastic Processes. Poisson Processes. Renewal Processes. Discrete-Time Markov Chains. Continuous-Time Markov Chains. Brownian Motion and Beyond. Bibliography. Solutions to Exercises. Index.