Stochastic Processes and Their Applications in Business

Stochastic Processes and Their Applications in Business by Abu Jafar Mohammad Sufian is designed to help students understand the basic concepts of stochastic processes. The book equips readers with the skills to conduct simple stochastic analysis of data in fields like business, management, social science, and physics. It covers standard topics including probability, random variables, probability distributions, generating functions, Markov chains, and branching processes. The book also demonstrates applications in queueing systems, business, and manpower planning. Examples are drawn from a wide range of disciplines to show the broad applicability of these concepts. While a background in elementary probability and calculus is helpful, the examples are straightforward and organized in a logical, step-by-step fashion, making the book accessible to non-mathematically oriented readers as well.