stochastic modelling
Stochastic modelling is a mathematical framework used to analyze systems or phenomena that involve randomness or uncertainty. It provides a way to model and predict the behavior of these systems by incorporating probabilistic elements. Stochastic modelling involves the use of random variables, probability distributions, and statistical methods to simulate and study the variability and unpredictability inherent in complex systems. It helps in understanding and making informed decisions about scenarios with inherent randomness, such as stock markets, weather patterns, and population dynamics.
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