Stochastic Process

In probability theory, a stochastic process (pronunciation: /stoʊˈkæstɪk/), or sometimes random process (widely used), is the counterpart to a deterministic process (or deterministic system). Instead of dealing with only one possible way the process might develop over time (as in the case, for example, of solutions of an ordinary differential equation), in a stochastic or random process there is some indeterminacy described by probability distributions. This means that even if the initial condition (or starting point) is known, there are many possibilities the process might go to, but some paths may be more probable and others less so.

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