Stochastic model

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Term Stochastic model
Description A mathematical model which takes into consideration the presence of some randomness in one or more of its parameters or variables.
Definition Stochastic model

A mathematical model which takes into consideration the presence of some randomness in one or more of its parameters or variables. The predictions of the model therefore do not give a single point estimate but a probability distribution of possible estimates. Contrast with deterministic.

References http://rais.ornl.gov/home/glossary.html#L
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