STA 2305: STOCHASTIC PROCESSES LECTURE NOTES
| Institution | University |
| Course | Actuarial science |
| Year | 1st Year |
| Semester | Unknown |
| Posted By | Mwalimu Evans Okoyo. |
| File Type | |
| Pages | 133 Pages |
| File Size | 22.15 MB |
| Views | 4182 |
| Downloads | 0 |
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Description
A stochastic process is a collection of random variables, typically representing the state of a system over time, where the evolution of the system is governed by chance. These processes are used to model dynamic, unpredictable systems where exact rules are unknown or too complex to calculate precisely, allowing for the calculation of expected behaviors and probabilities over time.
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