Book Description: 
 
"Modeling and Analysis of Stochastic Systems, 3rd Edition" by Vidyadhar G. Kulkarni is an essential resource for understanding stochastic processes and their real-world applications. Drawing on over 35 years of teaching expertise, the book thoroughly explores critical stochastic processes, including Markov chains, Poisson processes, and queuing models. Each process is covered with detailed definitions, transient and limiting behaviors, applications in fields like finance and healthcare, and cost/reward models.
 
This third edition introduces updates such as the Google search algorithm within discrete-time Markov chains, examples from healthcare and finance, and the square-root staffing rule in queuing models. The book includes over 50 new exercises to reinforce learning and provide practical modeling and computational insights, making it perfect for graduate students and professionals in fields like operations research, statistics, and computer science.
 
Readers will benefit from its focus on general analytical tools rather than problem-specific tricks, equipping them to build and evaluate stochastic models across diverse applications.
 
About the Author
 
Vidyadhar G. Kulkarni, Ph.D., is a distinguished professor and expert in stochastic systems, probability, and operations research. His decades of teaching and research experience are evident in this comprehensive and accessible guide to stochastic processes. Dr. Kulkarni's academic contributions have influenced numerous fields, including engineering, healthcare, and computational modeling.
 
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