Stochastic

/stəˈkæs.tɪk/

Meaning & Definition

adjective

Characterized by random variables or probabilistic processes; involving chance or randomness.

The model used for predicting stock prices is inherently stochastic due to market volatility.

Relating to statistical processes that involve randomness or probability.

Stochastic calculus is often employed in financial mathematics to model risky assets.

Describing a system or process that has uncertainty and variability.

The weather forecast is a stochastic process, as it is influenced by many unpredictable factors.

Involving a series of random sampling or trials to make estimations.

Researchers used a stochastic method to simulate population growth under varying conditions.

From the Greek 'stokhastikos', meaning 'conjectural'.

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.

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.

A term to describe something unpredictable or uncertain.

Man, that outcome was totally stochastic!

Used casually to refer to random events in a positive light.

Life is stochastic; you never know what will happen next!