What is stochastic modeling (Reference 1)?
It is a mathematical model or quantitative description of a natural phenomenon. A deterministic model predicts a single outcome from a given set of circumstances; a stochastic model predicts a set of possible outcomes weighted by their likelihoods or probabilities. The word “stochastic” derives from Greek, to aim or to guess, and it means “random” or “chance.” “Sure,” “deterministic,” or “certain” are the antonyms. Such models are to be judged only on the model’s usefulness for the intended purpose. The observer chooses to model a phenomenon as stochastic or deterministic. The choice depends on the observer’s purpose; the criterion for judging this choice is always the model’s usefulness for the intended purpose. To be useful, a stochastic model must reflect all those aspects of the phenomenon under study that are relevant to the question at hand. In addition, the model must allow the deduction of important predictions or implications about the phenomenon. In R&M and safety (RMS) engin
