This book constitutes the refereed proceedings of the Joint International Workshop on Process Algebra and Performance Modeling and Probabilistic Methods in Verification, PAPM-PROBMIV 2002, held in Copenhagen, Denmark, in July 2002. The 10 revised full papers and four abstracts presented together with two invited contributions were carefully reviewed and selected from 19 submissions. Among the issues addressed are fault-tolerant systems, security analysis, probabilistic protocols, reduction refinement, concurrency, model checking, stochastic modeling, local area network protocols, stochastic process algebras, and Petri nets.