Probabilistic analysis
Probabilistic analysis : Often taken to be synonymous with stochastic analysis. Strictly, however, stochastic conveys directly the idea of randomness (or at least apparent randomness), whereas probabilistic is directly related to probabilities, and hence only indirectly concerned with randomness. Therefore, a natural event or process might more correctly be described as stochastic (as, for example, in stochastic effect), whereas probabilistic would be more appropriate for describing a mathematical analysis of stochastic events or processes and their consequences (such an analysis would, strictly, only be stochastic if the analytical method itself included an element of randomness, e.g. Monte Carlo analysis)
No records Found