Meaning & Definition of word "Stochastic"
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Stochastic
/stəˈkæs.tɪk/
adjective:
- 1. Characterized by random variables or probabilistic processes; involving chance or randomness.
- Example: The model used for predicting stock prices is inherently stochastic due to market volatility.
- 2. Relating to statistical processes that involve randomness or probability.
- Example: Stochastic calculus is often employed in financial mathematics to model risky assets.
- 3. Describing a system or process that has uncertainty and variability.
- Example: The weather forecast is a stochastic process, as it is influenced by many unpredictable factors.
- 4. Involving a series of random sampling or trials to make estimations.
- Example: Researchers used a stochastic method to simulate population growth under varying conditions.
Etymology
From the Greek 'stokhastikos', meaning 'conjectural'.
Common Phrases and Expressions
stochastic behavior:
Behavior that is random and unpredictable.
stochastic process:
A mathematical object defined as a collection of random variables.
stochastic model:
A model incorporating elements of randomness.
Related Words
deterministic:
Referring to processes that are predictable and not random.
random:
Lacking a definite plan, purpose, or pattern.
probability:
The measure of the likelihood that an event will occur.
Slang Meanings of stochastic
Meaning: A term to describe something unpredictable or uncertain.
Example Sentence: Man, that outcome was totally stochastic!
Meaning: Used casually to refer to random events in a positive light.
Example Sentence: Life is stochastic; you never know what will happen next!