What Does Stochastic Mean?


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Lakshmipriya Nair Profile
Stochastic is a term for random or uncertain. It is derived from a Greek word stochos which means aim or guess or target. Stochastic is an adjective form. Deterministic is the opposite of stochastic. It is pronounced as stow-KAS-tik. This term is used to denote an approach to anything that is probalistic in nature. This term is used in many contexts and is always pertaining to a series of random processes.

Stochastic process is a term that is often associated with this word. This process is a random function connected with probability in mathematical context. A stochastic process contains several random variables in an ordered collection. This term is also used in business terminology and investments. But whenever the term stochastic is used it has to mean a method which comprises of random elements as opposed to deterministic processes where there are no random elements.

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