The method of wavelet transforms is one key tool in signal processing and control. Modern wavelet theory defines outlines for construction of wavelets and transformations using them. It gives rules that one has to obey to get a wavelet basis with desired properties, meaning that everyone can create a wavelet adequate for the given task. This book helps to understanding this rules. In seven chapters, the book gives a concise understanding of the theory of wavelets, explains how to compute them in practise and finally presents typical applications of wavelets and how they work. The book is written for graduate students and practising Engineers of electrical communications, signal processing and control.