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Stochastic Modeling or stochastic process is a system of modeling which uses probability for analyzing systems that can evolve dynamically over time. Stochastic modeling uses probability for determining factors can influence the outcome of a process and the number of ways in which the outcome can be achieved.
Numerous examples of where stochastic modeling is used can include manufacturing processes, computer applications, communications applications, economic applications, business applications, military applications and biological applications. Stochastic modeling also helps in simulating various outcomes so that processes can be designed to achieve desired and optimum outcomes.
Some of the topics covered under Stochastic Modeling include
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