stochastic
/stoʊˈkæstɪk/
randomly determined; having a random probability distribution
stochastic in a sentence
“Stock prices follow a stochastic process.”
Origin of stochastic
Greek stokhastikos able to guess, from stokhos aim, guess
Related Words
random variable
a variable whose value is determined by chance
expected value
the long-run average value of a random variable
variance
a measure of how spread out a distribution is
standard deviation
the square root of variance; a measure of dispersion
distribution
a function showing all possible values and their probabilities
independent
events where one does not affect the probability of another