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To mention a few fields, stochastic processes are applied in demographics, health care systems, polymer science, physics, telecommunication networks, economics, finance, marketing, and social networks. Each of these fields has a substantial body of literature. Queueing theory, inventory systems, supply chains, manufacturing, healthcare systems, computer and communication networks, dependability, warranty management, mathematical finance, and statistics are some of the areas where we typically find applications. In the sample below, we demonstrate a couple of these applications. Despite the fact that the majority of applications appear to involve continuous time stochastic processes, these applications can easily be changed to discrete time stochastic processes by assuming that the system in question is observed at a discrete set of points, such as once every hour, once per day, etc.

Keywords: Stochastic, Linear, Characteristic.