Learn in the textbookData Science and Modeling & Simulation
DefinitionA stochastic model (確率モデル) builds in chance through probabilities and expresses results as a distribution or an expected value.
ExplanationIt suits quantities that vary from one occasion to the next, such as customer numbers or machine failures. Listing how likely each value is gives a probability distribution, and from that you can work out the probability-weighted average called the expected value.
AnalogyIt is like a weather forecast that gives a chance of rain instead of declaring exactly what tomorrow will bring.