The word "stochastic" refers to a process or system that involves randomness or probability. It often describes situations where outcomes are not deterministic and can change due to various unpredictable factors. In fields like mathematics, statistics, finance, and science, stochastic models are used to analyze and forecast uncertain events.
The term "stochastic" comes from the Greek word "stochastikos," which means "pertaining to guessing." The root "stochastēs" translates to "guesser," reflecting the idea of making educated guesses in uncertain situations.