stochastic

Vocabulary Word

Definition

'Stochastic' refers to a system or a process that involves a random variable. For instance, if you flip a coin, you can’t predict if it will be heads or tails. That's a stochastic event.

Examples in Different Contexts

In impact assessment, 'stochastic' methods enable a better understanding of the variability and uncertainty in outcomes. An evaluator might note, 'Leveraging stochastic approaches allows us to account for uncertainties in our assessments and produce more robust and reliable evaluations.'

Practice Scenarios

Academics

Scenario:

We're trying to predict the spread of the disease across the population. We need to consider various factors that could influence this.

Response:

Sounds like a job for a stochastic model which can factor in these random variables and influences.

Tech

Scenario:

Our next assignment involves generating random numbers. We might explore different algorithmic methods for this.

Response:

Yes, implementing a stochastic algorithm for random number generation might be a good solution here.