Stochastic Variable (Noun)
Meaning
A variable quantity that is random.
Classification
Nouns denoting cognitive processes and contents.
Examples
- The height of a randomly selected person is an example of a stochastic variable.
- In finance, stock prices can be modeled as stochastic variables to account for market fluctuations.
- The outcome of a coin toss is a stochastic variable with two possible values: heads or tails.
- The number of phone calls received by a call center in an hour is a stochastic variable.
- The amount of rainfall in a given area over a year can be treated as a stochastic variable in environmental modeling.