Stochastic process

A Stochastic process is a mathematical description of random events that occur one after another. It is possible to order these events according to the time at which they occur.

This can be used to model such things as daily weather data, or exchange rate changes, or medical information like a patient's EKG, EEG, blood pressure or temperature.

Stochastic processes used in various disciplines, including physics, biology, finance, telecommunications, and operations research. They provide a powerful framework for analyzing and predicting the behavior of systems under uncertain conditions.

References

Category:Statistics