origin: [1660] Greek; stokhos= aim, stokhastikos= able to guess; conjecturing. [1917] German; stochastik= randomly determined.
adjective (adverb: stochastically)
1. A choice made using a random variable, such as a program selecting one comment as a winner from a selection of thousands.
2. Any situation involving chance; statistics.
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A "stochastic process" refers to an evolving (or changing) statistic based on a random variable that also is randomly selected; therefore time becomes the key factor in this process and how the results alter over a period of time. Example: The stock market or gauging how best to manage long lines in order to serve customers.
