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I don't know the answer I am looking for the answers too. :) I'm only 41.
A deterministic sequence - as opposed to a stochastic or random sequence.
Stochastic effects refer to health effects that occur by chance and are characterized by a probability of occurrence rather than a threshold level of exposure. These effects are typically associated with low doses of radiation or chemicals, where the likelihood of an adverse outcome, such as cancer or genetic mutations, increases with the dose but is not guaranteed. Unlike deterministic effects, which have a clear cause-and-effect relationship and a threshold level, stochastic effects can manifest long after exposure and vary among individuals.
stochastic demand is random demand. it is determined by predictable actions and a random element.
Buying a lottery ticket daily is deterministic. Winning a lottery and getting a prize is Stochastic.
monte carlo simulation is used to give solutions of deterministic problems whereas stochastic simulation is used for stochastic problems.
These words are used to describe ways of modeling or understanding the world. "Stochastic" means that some elements of the model or description are thought of as being random. (The word "Stochastic" is derived from an ancient Greek word for random.) A model or description that has no random factors, but conceivably could, is called "deterministic." For example, the equation Q = VC where Q = charge, V = voltage, and C = capacitance, is a deterministic physical model. One stochastic version of it would be Q = VC + e where e is a random variable introduced to account for or characterize the deviations between the actual charges and the values predicted by the deterministic model.
Stochastic means non-deterministic. This means that something contains an inherent degree of randomness. For more detail, you should consult a dictionary or more detailed literature on probability theory.
H. Marcus-Roberts has written: 'Comparison of some deterministic and stochastic models of population growth'
Stochastic systems involve randomness and unpredictability, meaning their outcomes can vary even with the same initial conditions. For example, rolling a dice is stochastic since each roll can yield different results. In contrast, deterministic systems have predictable outcomes based on initial conditions, where the same inputs will always produce the same results, such as solving a mathematical equation like (2 + 2 = 4).
Wikipedia states that stochastic means random. But there are differences depending on the context. Stochastic is used as an adjective, as in stochastic process, stochastic model, or stochastic simulation, with the meaning that phenomena as analyzed has an element of uncertainty or chance (random element). If a system is not stochastic, it is deterministic. I may consider a phenomena is a random process and analyze it using a stochastic simulation model. When we generate numbers using a probability distribution, these are called random numbers, or pseudo random numbers. They can also be called random deviates. See related links.
monte carlo simulation is used to give solutions of deterministic problems whereas stochastic simulation is used for stochastic problems. basically Monte carlo simulation was named after world war -2 by j. von newmann to solve real world problems From - kapil M.tech Student