Navigate complex probability and stochastic modeling with this essential textbook. Go beyond introductory concepts to master Markov chains, birth-death processes, and reliability models. This rigorous yet accessible text also explores advanced areas like martingales and risk evaluation, showcasing practical applications with real-world data. Designed for mathematics, statistics, computer science, economics, finance, and physics majors, it offers flexible teaching paths for one or two-semester studies. Ideal for Indian students seeking a deep understanding for academic and professional success.